TrendForce: Global sales of new energy vehicles reached 2.004 million in Q1, up 80% year-on-year

Source: Zhitong Finance

Author: Xu Wenqiang

According to TrendForce, the total sales volume of new energy vehicles (including pure electric vehicles, plug-in hybrid electric vehicles, and fuel cell vehicles) in the first quarter of 2022 was 2.004 million, an increase of 80% year-on-year. Among them, pure electric vehicles (BEV) have the strongest growth, with sales reaching 1.508 million units; plug-in hybrid electric vehicles (PHEV) are 493,000 units. The growth of new energy vehicles is not easy, because the global auto market sales (regardless of power) in the first quarter fell by 7% year-on-year due to factors such as chip shortages and the conflict between Russia and Ukraine.

In terms of pure electric vehicle brands, Tesla (TSLA.US) sold more than 310,000 vehicles in the first quarter, ranking first with a market share of 20.5%. BYD ranked second with 143,000 units, with a market share of 9.5%. In April, BYD announced that it would stop producing fuel vehicles and fully transform itself into a new energy vehicle factory. Its pure electric vehicle sales in the first quarter surged 271% over the same period last year. . Wuling, a subsidiary of SAIC-GM, has been ranked second since the launch of Wuling Hongguang MINI in 2020, but dropped to third in the first quarter of this year. The main reason is that there are many models with the same price in the past year. Miniature and low-priced models have been launched, such as Chery Ant and Changan Benben. With the increase in homogeneous products, sales competition has hindered growth.

In terms of plug-in hybrid electric vehicles, BYD (01211) once again rewrote its single-season sales record, with sales of 142,000 units in the first quarter, with a market share of 28.8%. It is much more difficult to achieve a high market share. It is worth noting that the sales volume of PHEVs in the European market in the first quarter compared with the same period last year and in the fourth quarter of 2021 showed a double drop, which in turn affected the performance of some European brands.

TrendForce expects that most automakers will adopt the strategy of giving priority to the production of “electric vehicles”. Therefore, sales of new energy vehicles will continue to grow in 2022, but automakers will be under greater cost pressure this year, especially since the conflict between Russia and Ukraine has made the cost of power batteries high In addition, car manufacturers have raised their prices, and some national car purchase subsidies will be withdrawn, which makes it difficult for low-priced minicars that supported the rapid growth of new energy vehicles in the past, and factors including global inflation will become the future growth of new energy vehicles. Variables.

Editor/Jeffrey

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