Photo: Mike B | Pexels
Electric vehicles have reached a 25% market share in China, the world's largest car market, which makes up 34% of global car sales. Of the almost 27 million vehicles sold in 2022, seven million were EVs, and EV sales are growing at a staggering pace. EV market share in 2022 grew 93% over 2021 and Bloomberg forecasts it is likely to reach 35% this year, a milestone originally predicted to be reached in 2025. Thus the petrol and diesel car market will contract by millions much earlier than anyone anticipated and it is not clear how legacy auto companies will sustain anything close to current sales. The Chinese business and finance news site Jiemian says that new and second hand internal combustion engine vehicle prices now are being slashed as dealers frantically try to offload stock.
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