In Depth: China’s NEV Sales Took Off in 2022, but Some Firms Pulled Way Ahead

While China’s major new-energy vehicle (NEV) manufacturers including the world’s top seller, BYD Co. Ltd., saw strong sales growth in 2022, tough Covid curbs that disrupted supply chains and dented consumer confidence meant that others like XPeng Inc. missed their annual targets.

The mixed picture comes as the industry prepares for slower growth, as it enters its first year without generous government subsidies that have nurtured it into the world’s largest NEV market, and helped its firms become truly globally competitive.