In recent years, there have been many reports indicating that China's electric vehicle (EV) market is rapidly expanding. However, it is important to verify through data whether these reports accurately reflect the truth or whether they represent results that have overestimated the trend toward electrification. Therefore, this time we will analyze China's automotive sales data over the past two and a half years (from January 2021 to May 2023) and the latest reports on China's EV market to explore the actual trends in the electric vehicle market.

　The opening graph represents the monthly new vehicle sales volume and electric vehicle sales volume in China as bar charts. It also shows the share of electric vehicles in monthly new vehicle sales as a line graph. As a result of data analysis, the average monthly growth rate of electric vehicle sales was approximately 8.9%, the average monthly growth rate of total automotive sales was approximately 3.2%, and the average monthly growth rate of electric vehicles' share of the total was approximately 5.3%. These figures indicate that the electric vehicle market is growing more rapidly than the overall automotive market. In particular, the growth rate of electric vehicles' share is increasing, showing that consumer interest in electric vehicles is rising.

　However, when examining the data from January 2023 onwards in detail, a somewhat different trend can be observed. Specifically, the growth rates of electric vehicle sales and overall automotive sales have decreased, and the growth rate of electric vehicles' share has similarly declined. Whether this indicates a disruption in the overall Chinese market or is merely temporary is a change that deserves attention.

　There is no doubt that China's electric vehicle market has grown dramatically over the past 24 to 36 months. Behind this growth is the rise of Chinese independent capital OEMs, represented by companies like BYD, which are called domestic manufacturers. However, the disruption in some growth indicators observed since early 2023 may reflect fundamental changes in China's electric vehicle market, including shortages in advanced semiconductor supply due to prolonged US-China tensions, policy impacts, and intensified competition. How China's electric vehicle market will evolve in the future will largely depend on future market conditions, policy trends, and the strategies of each automotive manufacturer. Therefore, to understand the future trends of China's electric vehicle market, continuous data monitoring and understanding of changes in market conditions and policies will be necessary. Our company will continue to analyze automotive electrification trends in China and other regions and provide regular information updates.