Is China’s EV market still competitive without incentives?

Between 2021 and 2022, electric vehicles (EVs) grew from representing 6% of China’s total passenger vehicle market to 26%, according to financial services corporation ING Group. In 2022, approximately one in four cars sold was an electric model, and the country accounted for over 50% of global EV sales. However, in its Q1 2023 analysis, ING concluded that sales are beginning to stagnate. This coincides with Reuters’ findings that China’s overall passenger vehicle market slumped 20% in January and February.