Will electric vehicles continue to explode?

 The new energy vehicle market depends heavily on battery prices as well as chip scarcity, and Chinese automakers are making moves to adjust to the fluctuations.

According to data from the China Association of Automobile Manufacturers, the country's electric vehicle sales as of October reached 5.28 million units, up more than 110% over the same period last year. The market penetration rate of electric vehicles has also reached more than 30%, showing that electric cars are gradually creating attraction and changing consumer habits in the country of billions of people.

However, many people are not optimistic about the performance of the electric vehicle market in 2023. Compared to this year, there will be more variables next year and they are likely to determine the direction of the electric vehicle market in China. Quoc.

And perhaps what has the biggest impact are factors related to the battery. We all know that battery costs account for nearly 30% of the value of an electric vehicle. As the price of raw materials for battery production increases, the cost of the battery will likely account for more than 40% or even 50% of the value of the entire vehicle.

Will electrified vehicles continue to boom in 2023? - first

The battery is the most expensive component in the selling price of electric cars (Photo: QCTT).

Since the beginning of 2021, the price of raw materials for battery production has skyrocketed. The price of lithium carbonate has increased from 50,000 yuan/ton at the beginning of last year to 500,000 yuan/ton, an increase of 10 times. In November, this figure reached 600,000 yuan/ton.

High lithium prices could delay or slow growth in the electrified vehicle sector. This means that electric car companies may earn less profit, or even lose money if there are no price adjustments.

There are signs that Chinese automakers are starting to consider using smaller batteries to stabilize prices, and the main solution is plug-in hybrid vehicles (PHEVs) and extended electric vehicles (EREVs).

The reason Hybrid vehicles (HEV) were not chosen is because at the present time, Japanese companies have a great advantage in the field of hybrid vehicles. Therefore, Chinese companies do not intend to compete in this product direction, unless it is a last resort.

Will electrified vehicles continue to boom in 2023? - 2

In fact, these electrified car models have already appeared in the Chinese market. The Li Auto One is a relatively successful Plug-in Hybrid Vehicle (PHEV), a mid-size, luxury crossover SUV from Li Xiang and the Chinese automaker's first vehicle.

As of 2021, this is the PHEV vehicle with the second longest range in pure electric mode in the world, reaching 180 km according to NEDC standards and only behind the BMW i3 120 Ah REx model (203 km according to the EPA cycle).

To make it easier to understand, a plug-in hybrid vehicle is a vehicle that has an electric motor and a battery pack to provide power, as well as an internal combustion engine and fuel tank. When on battery, it operates like an electric car and can be plugged in to charge. When the battery runs out, it will operate like regular Hybrid cars, using an internal combustion engine to run.

Meanwhile, extended electric vehicles (EREVs) are also equipped with electric motors, internal combustion engines, batteries and fuel tanks. However, these vehicles move entirely thanks to the electric motor and the internal combustion engine acts as a generator to charge the battery.

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