Before diving deep into the details I think it is pretty certain that the overall car sales will not be looking great. With lockdowns and the pandemic still going on, I do not think there are any strong drivers available to uplift the market. Nonetheless, we can still expect EV makers to do relatively well since we are still in the process of replacing old cars with EVs.
Fig1. May 2022 Overall Trend
We can see that there is export growth in May probably due to the opening up after lockdowns. But overall, there is not much growth in terms of production and sales till now as compared with last year.
Fig2. May 2022 Wholesale Top15 (w/o Vans)
Fig3. May 2022 Retail Sales Top15 (w/o Vans)
From both retail and wholesale sales by respective factories, BYD’s performance is obviously doing much better than the rest.
Fig4. May 2022 EV Wholesale sales Top15
Fig5. May 2022 EV Retail Sales top15
Even when compared with other EV makers, BYD is leaps and bounds ahead of others.
Fig6. Sales Segmented by Country Brands
As a result of the switch to EV, domestic car makers are taking up more and more market share as compared with foreign brands which used to dominate the markets.
Fig7. Sales Segmented by Price
Pricing-wise, we are seeing an upward trend. It is inevitable when resources become more sought after in the covid situation. We have seen prices of raw materials going up and especially materials used in making batteries.
Fig8. Types of EV by Market Share