Electric vehicle production forecast - selected countries 2023

China is projected to produce around 13 million battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) by 2023, more than any other nation worldwide. China’s estimated production level is also anticipated to exceed the combined output of other large markets, including the United States, Germany, and Japan.

China’s electric dream

China is forecast to be the world leader in terms of electric vehicle production over the next few years. The country is already at the forefront of the electric vehicle revolution. The total stock volume of BEVs and PHEVs in China was around 3.3 million in 2019, an increase of almost 46 percent on the previous year’s volume. This estimated figure means that China had the most electric vehicles in use worldwide as of 2019.

Shanghai Automotive Industry Corporation (SAIC)

SAIC Motor is one of the leading electric vehicle manufacturers in China. The company was ranked among the top three producers of electric vehicles worldwide in 2020. However, the firm’s plug-in electric vehicle sales declined by almost 20 percent between 2018 and 2019.