Per Forbes

China has remained a huge market for electric vehicles compared to other markets like the US. Data showed that the country's EV sales were 5x more than the US.

The China Passenger Car Association released 2022 sales data which revealed how their EV sales did against the US. Another report by Fox Business revealed that the country sold 5.67 million EV and plug-in hybrid vehicles throughout the year.

The data notes that state subsidies and the intense oil prices drove consumers to ditch the typical gas-powered car for alternatives. By towering over the US with its 4 million pure new EVs sold, the country is considered the largest EV market in the world.

In other news, the FBI uses ads on Facebook to look for Chinese speakers who experienced wrongdoings by China's government. These ads were specifically directed to Philadelphia.

While EV sales in China grew, traditional cars reportedly shrank by 13% in 2022, leading toward a trend where more individuals prefer to buy an electric vehicle instead of a gas-powered one.

One reason why EV sales in the US are struggling is also because of the higher interest rates, leaving people to be more calculated when it comes to purchasing a new ride.

Aside from being the largest EV market, China expects its total car market to grow by 1%. This came from a statement by Cui Dongshu, the CPCA's Secretary-General, highlighting that they could see sales increase towards the end of the year after they start speeding up in a couple of months.

Buyers in China have shown how they prefer local companies as opposed to international ones, with EV brands like BYD Co. jumping from an initial 10th place in 2021 to number one in 2022 for the retail sales chart. Even Tesla reportedly struggled to increase its market share in China.

Tesla has also recently reduced its price in the US for different models. For Model Y, the company slashed its prices by $13,000.

See flow at unusualwhales.com/flow.

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Resources:

Forbes

Fox Business