Plug-in electric vehicle sales growth worldwide by manufacturer 2021
Subsidizing electric vehiclesMany emerging clean technologies receive government subsidies in order to establish the foundations of economic sectors. Milestones in electric vehicle technologies could only be met through well-funded research. The Chinese government has been particularly interested in developing electric vehicles. In China, electric vehicles are seen as the modern and superior technology compared to combustion energies. State-owned manufacturers are behind some of the most popular plug-in battery models. Companies have also been able to receive subsidies from the Chinese government amounting to tens of billions of U.S. dollars since 2009. The subsidies have allowed companies to sell new vehicles cheaper. The Chinese government has however announced 30 percent cuts to new energy vehicle subsidies in 2022, which could likely sap consumers' intention to buy an electric vehicle.
China is the largest electric vehicle market, recording an increase in plug-in electric vehicle registrations of 155 percent in 2021. Battery electric vehicles comprised the majority of new PEVs sold on the Chinese market, reaching over 2.9 million in 2021. It therefore comes as no surprise that BYD, headquartered in Shenzhen, recorded the steepest growth in 2021.