2022 NEV purchases skyrocket in China

Two-thirds of global sales of battery electric vehicles in 2022 were in China, according to a study published by auditing and consulting company PwC Strategy& (Germany) on Tuesday. As global BEV sales in 2022 grew by 70 percent year-on-year, China, as the world's largest BEV market, sustained its "dramatic expansion of recent years," PwC's study said. BEV sales in China soared by almost 85 percent, according to the company's analysis of new registration figures in 14 selected markets. "We are currently watching the transformation of mobility reach the next level and come of age," said Felix Kuhnert, partner at PwC Germany. The electric car market in the United States developed with similar strength, while sales in Europe's top five markets only grew at 28 percent last year, according to the study. In Germany, Europe's largest car market, sales grew 32 percent over the course of last year, although they picked up at the turn of the year as the expiry date for purchasing premiums for electric cars approached.

S. Korean battery makers running low on power

Three South Korean electric vehicle battery makers saw their global market share decline in 2022 from a year earlier amid the robust growth of Chinese rivals, industry data showed on Wednesday. The trio — LG Energy Solution, SK Innovation and Samsung SDI — held a combined 23.7 percent of the global EV battery market at 517.9 gigawatt-hours in 2022, down 6.5 percentage points from 2021, according to data from market researcher SNE Research. The drop in the South Korean companies' market share contrasted with the jump by Chinese firms, including top player CATL, whose share soared to 37 percent from 33 percent over the cited period. CATL and six other Chinese players, all of whom ranked among the global top 10, together accounted for 60.4 percent of the global market share, up from 48.2 percent a year ago.

BYD looks to establish European factory

BYD is exploring setting up its own factory in Europe, suggesting the Chinese auto giant is more likely to establish its own plant than take over one from Ford in Germany, Bloomberg reported on Tuesday. "We are not focusing on certain companies' facilities," BYD Executive Vice-President Li Ke said in an interview in its new North American headquarters in California. She said the automaker is more interested in building its own plants rather than acquiring other companies' factories. "We are doing feasibility studies to see our plans for the future," Li said. While there are "no target countries to build facilities yet," BYD wants to have solid sales and dealer networks in Europe, along with service centers, in order to ensure consumer confidence in the brand, she said. Ford has been in talks with around 15 potential investors in its plant in Saarlouis, Germany, including BYD, people familiar with the matter have said.

Volkswagen hits predicted sales target

German auto giant Volkswagen posted higher operating profits and sales in 2022, in line with its forecasts, but missed its cash flow target due to supply problems, according to preliminary figures published on Tuesday. Operating profit before exceptional items rose by 12.5 percent to around 22.5 billion euros ($24 billion) and revenues were up 11.5 percent at 279 billion euros, a statement said. Cash flow at 5 billion euros was well below the target of 8.6 billion euros. The Volkswagen Group's deliveries were up 12 percent in the second half of 2022, it reported in January.