Chinese Market Q1 2023: GAC, Chery and Geely Announce 2023 Product Plans

FAW-Hongqi and Kia's NEV strategies; Geely's mid- to high-end NEV series; BYD's high-end brand



Galaxy L7
Galaxy L7 (Source: Geely)

  According to an announcement by the China Association of Automotive Manufacturers (CAAM) on April 11, 2023, first-quarter (January-March) 2023 sales (factory shipments) in China declined 6.7% year-over-year (y/y) to 6,076,000 units, of which passenger car sales declined 7.3% y/y to 5,138,000 units, commercial vehicle sales fell by 2.9% y/y to 938,000 units, but sales of New Energy Vehicles (NEVs) increased 26.2% y/y to 1,586,000 units. NEVs account for 26.1% of the market.

  This report presents key trends in the Chinese market for major Chinese (state-owned, privately-owned, and emerging EVs) and foreign automakers in the first quarter (Q1) of 2023. Chinese automakers continued to strengthen their systems in the NEV sector during this period. The FAW Hongqi brand announced its NEV strategy, which calls for NEV sales of more than 500,000 units in 2025. BYD launched its high-end brand "Yangwang" and its technology platform "Yisifang" at the beginning of the year. Geely unveiled the Geely Galaxy, an NEV series, and the Galaxy L7, the first SUV in the series. Dongfeng Motor will launch a passenger car with an in-wheel motor drive system, GAC Aion will introduce a new generation of high-performance integrated electric drive, and Great Wall Motor will unveil a new smart four-wheel drive hybrid technology. In addition, the major companies have all announced sales targets and product plans for 2023.

  Foreign automakers will accelerate the shift to NEVs (NEV: battery electric vehicles, plug-in hybrids, and fuel cell vehicles). Kia, Honda, and Stellantis announced their electrification strategies. Volkswagen and Toyota are aggressively upgrading their plants to expand their electric vehicle production capacity. Toyota and Honda are further focusing on the demonstration operation and technology verification of hydrogen fuel cell vehicles. In terms of smart technology, BMW and NavInfo have agreed to form a partnership in the field of maps for autonomous driving. Nissan began Robotaxi trial operation in Suzhou, Jiangsu Province. By 2025, Kia plans to make all models under its control "SDV” (Software Defined Vehicle).


Related reports:
China Emerging EV Automakers: Developing Core Components and Promoting Production In-house (Apr. 2023)
Changan Auto: Target Sales of 2.8M Units in 2023, Rolling Out Multiple Electric Powertrains (Mar. 2023)
2022 Chinese Market: New Vehicle Sales Up 2.2% to 26,864,000 units, Major Increases by BYD and Tesla (Feb. 2023)
BYD: Launches Yangwang Premium NEV Brand (Feb. 2023)
Chinese Market Q4 2022: GAC, Changan, NIO, Xpeng and Others Set Up Battery Companies (Jan., 2023)
Chinese Market Q3 2022: SAIC, FAW, and Toyota Promoting FCVs (Nov. 2022)


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