section_path: Sectors/Industry and manufacturing/Electric vehicle industry
section_name: Electric vehicle industry
paragraph_text: Electric vehicle industry
  
  The electric vehicle industry in China is the largest in the world, accounting for around 58% of global consumption of EVs. In 2023, CAAM reported China had sold 9.05 million passenger electric vehicles, consisting 6.26 million BEVs (battery-only EVs) and 2.79 million PHEV (plug-in hybrid electric vehicles). China also dominates the plug-in electric bus and light commercial vehicle market, reaching over 500,000 buses (98% of global stock) and 247,500 electric commercial vehicles (65% of global stock) in 2019, and recording new sales of 447,000 commercial EVs in 2023.
  
  Plug-in electric vehicle (BEV and PHEV) sales were 37% of the overall automotive sales in China in 2023, with BEVs and PHEVs having 25% and 12% market share respectively. This is a significant increase from 2020, when plug-in electric vehicles accounted for only 6.3% of total sales. The plug-in market in China was dominated by Chinese companies, with BYD Auto and SAIC Motor occupying the top two spots, and 5 out of the top 7 spots.
  
  The battery industry is closely related to the EV industry as batteries constitute around 1/3 of the cost of EVs and around 80% of lithium-ion batteries in the world are used in EVs. The industry also has significant Chinese presence, with major players including world's largest CATL, BYD, CALB, Gotion, SVOLT and WeLion.
  
  The electric vehicle industry in China is the largest in the world, accounting for around 58% of global consumption of EVs. In 2023, CAAM reported China had sold 9.05 million passenger electric vehicles, consisting 6.26 million BEVs (battery-only EVs) and 2.79 million PHEV (plug-in hybrid electric vehicles). China also dominates the plug-in electric bus and light commercial vehicle market, reaching over 500,000 buses (98% of global stock) and 247,500 electric commercial vehicles (65% of global stock) in 2019, and recording new sales of 447,000 commercial EVs in 2023.
  
  Plug-in electric vehicle (BEV and PHEV) sales were 37% of the overall automotive sales in China in 2023, with BEVs and PHEVs having 25% and 12% market share respectively. This is a significant increase from 2020, when plug-in electric vehicles accounted for only 6.3% of total sales. The plug-in market in China was dominated by Chinese companies, with BYD Auto and SAIC Motor occupying the top two spots, and 5 out of the top 7 spots.
  
  The battery industry is closely related to the EV industry as batteries constitute around 1/3 of the cost of EVs and around 80% of lithium-ion batteries in the world are used in EVs. The industry also has significant Chinese presence, with major players including world's largest CATL, BYD, CALB, Gotion, SVOLT and WeLion.
  
  The electric vehicle industry in China is the largest in the world, accounting for around 58% of global consumption of EVs. In 2023, CAAM reported China had sold 9.05 million passenger electric vehicles, consisting 6.26 million BEVs (battery-only EVs) and 2.79 million PHEV (plug-in hybrid electric vehicles). China also dominates the plug-in electric bus and light commercial vehicle market, reaching over 500,000 buses (98% of global stock) and 247,500 electric commercial vehicles (65% of global stock) in 2019, and recording new sales of 447,000 commercial EVs in 2023.
  
  Plug-in electric vehicle (BEV and PHEV) sales were 37% of the overall automotive sales in China in 2023, with BEVs and PHEVs having 25% and 12% market share respectively. This is a significant increase from 2020, when plug-in electric vehicles accounted for only 6.3% of total sales. The plug-in market in China was dominated by Chinese companies, with BYD Auto and SAIC Motor occupying the top two spots, and 5 out of the top 7 spots.
  
  The battery industry is closely related to the EV industry as batteries constitute around 1/3 of the cost of EVs and around 80% of lithium-ion batteries in the world are used in EVs. The industry also has significant Chinese presence, with major players including world's largest CATL, BYD, CALB, Gotion, SVOLT and WeLion.