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From BYD to Nio, Chinese EV makers power ahead thanks to subsidies and tax incentives
Leading Chinese electric-vehicle (EV) makers reported strong sales growth in the first quarter of this year, as they continued to throttle rivals who manufacture petrol-powered cars.
Guangzhou-based Xpeng was the big winner in the first quarter as its deliveries surged 330.8 per cent from a year earlier to 94,008 units. Its mass-market Mona brand attracted thousands of young consumers who were eager to use the company’s indigenous driver assistant system.
The Mona M03, priced at 119,800 yuan (US$16,733), poses a serious challenge to Tesla because it offers similar smart features to the Model 3 sedan – at around half the price.
BYD’s first-quarter deliveries rose 59.8 per cent to more than 1 million vehicles, while Zeekr sales jumped 21.1 per cent to 114,011 units.
Total EV delivery numbers for the first quarter are not yet available, but Cui Dongshu, general secretary of the China Passenger Car Association (CPCA), told the China EV100 forum in Beijing on Sunday that the industry group predicted the penetration rate of electric cars would stand at 56 per cent.
The EV category, which includes pure-electric and plug-in hybrid vehicles, overtook petrol-powered cars on the mainland in June.
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