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Posted on EVANNEX on January 13, 2022, by Matt Pressman
China has emerged as a world leader in electric vehicle adoption in recent years. And it turns out 2021 was no exception. According to the Wall Street Journal, “China’s car market snapped a three-year decline last year, helped by strong sales of electric vehicles.”
“Helping drive growth in China were robust sales of electric and plug-in hybrid cars, which last year accounted for 15% of overall passenger-car sales. Sales of these new-energy vehicles more than doubled to 2.99 million vehicles… [EV] brands such as Xpeng and NIO along with Tesla showed record sales last year,” reports WSJ.
This wasn’t the case, however, for many gas-powered traditional automakers in China. “Volkswagen AG, the biggest foreign brand in China, said its group sales in the country declined about 14%.” Other legacy brands declined including, “Nissan Motor Co.’s sales [which] fell 5.2%, and Honda Motor Co.’s dropped 4%.”
Meanwhile, “U.S. electric-vehicle maker Tesla sold more than 470,000 cars made at its Shanghai factory last year, around a third of which were exported, data from the association showed. Tesla said last week that it delivered more than 936,000 vehicles globally in 2021,” reports WSJ.
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