4.269 million new cars were sold in the Chinese market in Q1 2023, according to data released by the China Passenger Car Association (CPCA). It represents a 13% drop compared to Q1 2022. The total sales include 891,000 EVs and 423,000 PHEVs. The percentage of new EVs and PHEVs sold remains at around 31%, similar to the previous quarter.
Despite the overall market decline, some auto brands performed well in the Chinese market. BYD ranked first among the five best-selling auto brands, selling 484,545 vehicles and holding a market share of 11.35%. Volkswagen ranked second, with 442,203 cars sold and a market share of 10.36%. The other three best-selling auto brands were Toyota, Changan, and Honda, each with less than 10% market share.
However, among the top 10 auto brands with sales, all except BYD and Tesla experienced a decline compared to last year. BYD increased its sales by 71% to take the top spot, while Tesla grew by 26%, making it into the top 10 quarterly sales chart for the first time.
The BYD Song Plus was the best-selling car in China for Q1 2023. The car has both plug-in hybrid and pure electric versions. It sold 102,826 vehicles in the quarter, while the second and third best-selling cars were the Tesla Model Y and BYD Qin Plus, respectively.
In the pure EV market, BYD remained the leader, selling 484,545 vehicles and holding a market share of 25.22%. Tesla ranked second, with 137,429 cars sold and a market share of 15.42%. The other three best-selling pure electric brands were Aion, Wuling, and Changan, each with less than 10% market share.
China has abolished EV subsidies this year, but the EV share is still increasing. Six of the top 10 models are EVs or PHEVs. The overall market is declining, but EVs are growing. As the price war continues, competition will intensify.
As always, thanks so much for the sales data.