South Korean media: China's pure electric vehicle sales overtake and surpass hybrid vehicles.

South Korean media: China's pure electric vehicles surpass hybrid vehicles! On May 17, South Korean media "Global Economy" published an article stating that in the Chinese electric vehicle market, due to the decline in the price of key battery raw material lithium and the progress in battery technology, pure electric vehicles are surpassing their competitor plug-in hybrid electric vehicles. According to statistics from the China Association of Automobile Manufacturers, sales of pure electric vehicles in the first quarter of this year increased by 48% year-on-year, reaching 1.93 million units. Sales of hybrid vehicles were only 1.15 million units, up 46% year-on-year. Pure electric vehicles accounted for 63% of all electric vehicle deliveries in the first quarter, up 10 percentage points from 53% last July. Previously, pure electric vehicles performed well in the Chinese market, accounting for 80% of total electric vehicle sales in 2020 and 2021, but last year their leading position was replaced by hybrid vehicles. Many Chinese consumers prefer hybrid vehicles because they save costs and have advantages in driving range. Even plug-in hybrid electric vehicles, which belong to the hybrid vehicle category, were 10% cheaper than pure electric vehicles last year. To make a pure electric vehicle with a range of 500 kilometers, an expensive large battery pack must be used. But the market situation is changing this year. UBS analysts said, "We have found that Chinese consumers are increasingly interested in pure electric vehicles. The market share of pure electric vehicles has clearly recovered from its historical low point last summer." Li Bin, CEO of Chinese electric vehicle start-up NIO, told reporters at the Shanghai Auto Show, "We still believe that pure electric vehicles are the future of the electric vehicle industry. As the price gap between pure electric vehicles and hybrid vehicles narrows, it is reasonable for buyers to choose pure electric vehicles to significantly reduce gasoline costs." Lithium, a key component of batteries, accounts for 40% of the cost of electric vehicles, and the current price of lithium has fallen to one-ninth of its peak in November 2022. This helps to reduce production costs for pure electric vehicles and enables automakers to compete with hybrid vehicles at lower prices. Progress in battery technology has also become a stepping stone for the development of pure electric vehicles. CATL, the world's largest electric vehicle battery manufacturer, released its second-generation Shenheng battery at the Shanghai Auto Show. It can travel 520 kilometers after charging for 5 minutes, which is faster than Tesla's supercharger, which provides a range of 270 kilometers after charging for 15 minutes. < img src = "//p3-sign.toutiaoimg.com/tos-cn-i-ezhpy3drpa/315a8f7741214ba784f401717399ab05~tplv-obj:1920:1080.image?_iz=97245&bid=15&from=post&gid=1832370275152899&lk3s=06827d14&x-expires=1755216000&x-signature=k3rql53haxA0sdWEp%2F5T%2BgU9pc0%3D" / > Original article: https://www.toutiao.com/article/1832370275152899/ Disclaimer: This article only represents the views of the author.