Yahoo Autos China Sees 421,329 Percent Growth In EV Sales Since 2010
Electric vehicles are becoming an increasingly common sight on American roads, even in places that aren’t historic EV strongholds like California and New England. However, if you think increasing adoption in the US is a big deal, then hold on to your butt. China — the world’s largest car market — is adopting EVs at a rate that makes us look lazy, according to a report published on Monday by Al Jazeera.
In 2022, the International Energy Agency claims that 14 percent of all new vehicles sold were EVs. This marks a nine percent increase over 2020, which is a pretty big deal. Three markets lead EV sales, with America in third place and Europe in second. China, thanks partly to the changing economic landscape of the country and also thanks to its New Energy Vehicle policies, accounts for approximately 60 percent of global EV sales. The big slice of the pie makes sense when you consider that China has around half of all the cars in the world on its roads.
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China’s EV growth trajectory is bananas, too. For example, in 2010, reports show that around 1,400 EVs were sold in the People’s Republic. In 2022 that number was approximately 5.9 million EVs, which, for those of you playing at home, is an increase of 421,329 percent. The U.S., by comparison, went from around 1,200 to just under a million in that same time. Part of the reason for that is the degree to which China was able to incentivize adoption with fairly huge discounts on the purchase price of vehicles, but also because the nature of those incentives prioritized more affordable cars.
