The number of all-electric SUVs available in China continues to swell and in April alone, some 20 new electric SUVs were launched by Chinese and overseas brands.
Reuters understands that there are now more than 90 electric SUVs available in China as the demand for such models continues to rise. SUVs of all fuel types account for almost 40% of all new vehicles sold in the country. Local production of SUVs is also rising.
Indeed, almost as many SUVs made in China were sold last year as cars of all types in Europe through 2022.
Read: Nio To Chase After VW With Sub-€30,000 EVs In Europe
Tesla is leading the way for electric SUV sales in China thanks to the popularity of the Model Y. It is being closely followed by BYD, Aion, Neta, VW, and Nio. Data from the China Association of Automobile Manufacturers reveals that the top 10 brands accounted for 84% of electric SUV sales last year.
Demand for electric SUVs in China jumped after Tesla announced a series of price cuts for the Model Y. While the price of the vehicle has slowly started to creep back up, it remains 20% cheaper than it was in October last year. Car manufacturers including the likes of Xpeng, Leapmotor, and BYD have responded with price cuts of their own. Geely-owned Zeekr also recently launched its X compact crossover in China, revealing that it will start at the equivalent of just $27,500, approximately 28% less than a Tesla Model Y.
Plenty of electric SUVs built in China are also being exported overseas. Ford chief executive Jim Farley recently said that electric SUVs are driving the nation’s export boom and that many of the SUVs it builds in China will be shipped to and sold in Europe. Car manufacturers including Tesla and Renault are also exporting electric SUVs made in China to Europe.
“We’re going to see a lot of Chinese exports because of the ultra-competitive market in China,” founder of Sino Auto Insights Tu Le said. “It’s actually going to be a pressure release valve.”
