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The Wall Street Publication > Blog > Markets > Chinese EVs Want to Shock Global Markets Next
Markets

Chinese EVs Want to Shock Global Markets Next

Editorial Board Published December 20, 2021
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Chinese EVs Want to Shock Global Markets Next
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Chinese electric vehicles are speeding ahead in the country in 2021. Next they may want to make inroads overseas.

Sales of new-energy passenger vehicles in China, including plug-in hybrids, have nearly tripled from a year earlier in the first 11 months of 2021, according to the China Association of Automobile Manufacturers. And that is against the backdrop of a sluggish overall car market. New-energy vehicles accounted for nearly a fifth of passenger-car sales in November, compared with 6.2% for the whole 2020.

Though China is phasing out subsidies for purchasing EVs, it has introduced a credit trading system encouraging car makers to produce vehicles with lower emissions. Infrastructure has also improved: there are now more than one million charging points in China, double the number two years ago, according to China Electric Vehicle Charging Infrastructure Promotion Alliance.

Apart from Tesla, Chinese brands dominate EV sales in the country. One unusual winner is the Hongguang Mini EV: a $4,400 hatchback made by a joint venture of General Motors, Liuzhou Wuling Motors and state-owned SAIC Motor. But other Chinese auto makers like BYD, Li Auto and XPeng are making more-conventional-looking EVs that are also bestsellers.

Having a head start after years of subsidies has helped. The country now has a strong EV supply chain. Contemporary Amperex Technology (CATL) is the world’s largest EV battery maker. China also dominates the processing of battery materials like lithium. Interest is also surging in a type of battery using a technology called lithium iron phosphate (LFP), which is safer and cheaper. The technology has been around for years but improved energy density thanks to better battery architecture now means it is suitable for wider adoption, especially in more-affordable EVs. Tesla has used LFP batteries from CATL for its China-made Model 3. BYD, which is backed by Warren Buffett, has also designed its own version.

Tesla has been making its cars sold in China at its Shanghai plant. The company has also exported some made-in-China Model 3 sedans to other countries. The relaxation of joint-venture restrictions in 2018 allowed Tesla to build its fully owned factory in Shanghai.


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How might China’s auto makers change the global EV market? Join the conversation below.

Chinese car makers could be eyeing global markets next. Sweden-based Polestar, which is owned by China’s Geely, has been selling its made-in-China EVs in Europe and the U.S. MG Motor, a British car maker bought by SAIC in 2007, has also been making its EVs in China. Both ventures have done well in Europe, but are still far behind Tesla and traditional market leaders like Volkswagen. Other Chinese car makers from NIO to BYD are also looking to sell their cars in Europe, especially in the EV-friendly Norway.

Despite being the world’s largest auto market, China has never been a big car exporter globally. It seeks to change that in a more-electrified future.

Chinese auto maker XPeng is betting that driving assistance features and other tech will be the key to winning new customers. WSJ travels to its research and development lab to see how its rivalry with Tesla could reshape how we drive. Photo: XPeng

Write to Jacky Wong at [email protected]

Copyright ©2021 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the December 21, 2021, print edition as ‘Chinese EVs Want to Shock Global Markets.’

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