13 million new energy vehicles: According to data by the Ministry of Public Security, at the end of 2022, 4.10% of all vehicles on China’s roads were new energy vehicles (NEVs), a total of 13.1 million. Of these, 10.45 million or 79.78% are pure electric vehicles. In 2022, there were 5.35 million NEVs newly registered, accounting for 23.05% of all new vehicle registrations, an increase of 2.4 million or 81.48% compared with 2021.
Booming battery profits: EVE Energy 亿纬锂能, one of China’s leading lithium-ion battery manufacturers, has released a net profit forecast for 2022 of up to 3.63 billion yuan ($535.90 million), a year-on-year increase of 25%. The company also expects to report a revenue increase of 110%.
A bullish GDP growth forecast: Earlier today, the Center for Forecasting Science at the Chinese Academy of Sciences released a new report forecasting 6% annual GDP growth for China’s economy in 2023, composed of consumption (3.5%), investment (1.5%), and exports (1%). For the four quarters of 2023, the report forecasts GDP growth of 4.2%, 9.3%, 5.5%, and 5.4%, respectively.