Chinese Market Q3 2022: SAIC, FAW, and Toyota Promoting FCVs

Dongfeng and Geely announce new NEV brands; BYD continues NEV and component-related projects

2022/11/07

Summary

吉利首款纯电皮卡雷达RD6
Geely's first electric pickup truck, the RD6 (Source: Geely)

 Sales of vehicles in China in the period January through September 2022 were 19.47 million units, a year-over-year (y/y) increase of 4.4% for the period, according to an October 11, 2022 announcement by the China Association of Automobile Manufacturers (CAAM). Passenger car sales increased 14.2% y/y to 16.986 million units and commercial vehicle sales in the same period declined 34.2% y/y to 2.484 million units. Sales of New Energy Vehicles (NEVs) in the same period grew 109.9% y/y to 4.567 million units, comprising 23.5% of the Chinese market.

 This report presents key trends in the Chinese market for Chinese and major foreign automakers in the third quarter (Q3) of 2022. Chinese automakers are diversifying their products in the NEV segment, with the SAIC Motor and China FAW groups focusing on promoting the commercialization of fuel cell vehicles (FCVs). Dongfeng Motor launched its luxury off-road EV brand. Geely has begun taking pre-orders for its EV pickup truck. Great Wall Motor and BYD, which saw significant increases in sales in the third quarter, are accelerating their NEV components projects. Leapmotor became the fourth Chinese emerging automaker to go public. NIO, Li Auto, and Hozon New Energy Automobile are strengthening their partnerships and supply chains in the area of NEV components.

 Among major foreign automakers, Mercedes-Benz and VW are planning to conduct autonomous driving-related tests. Toyota is focusing on FCVs (fuel cell vehicles) and promoting field testing, and also plans to sell FCVs in China. Tesla expanded its Shanghai Gigafactory as sales continue to grow. Stellantis and Kia, which have been suffering from poor sales, are reviewing their strategies for the Chinese market, focusing on import/export operations and accelerating the creation of a structure for electrification.


Related Reports
GAC: Aiming for Production/Sales of 3.5 Million Units and NEV Ratio of 20% by 2025 (Oct. 2022)
Dongfeng Motor: Targeting sales of 1M each of CVs, own-brand cars, and NEVs by 2025 (Sep. 2022)
Chinese Market Q2 2022: Chinese Automakers Focus on Improving Production Systems for Drive Batteries (Jul. 2022)
Chinese Market Q1 2022 (2): Major non-Chinese OEMs restructure joint ventures and localize R&D (May. 2022)
Chinese Market Q1 2022 (1): SAIC, FAW, BYD, etc. accelerate development in battery and energy fields (May. 2022)