China’s electric car makers predict that 6 million electric cars per year will be sold in 2023 in China. This would be 20% of China’s 30 million new car sales in 2023. Currently China sells about 24-25 million new cars in 2018 and expects about 1.5 million electric car sales in 2019.
BYD is the world’s largest new-energy vehicle maker by sales. Warren Buffet invested in BYD.
BYD’s chairman and president, Wang Chuanfu, predicts all new cars in China will be electric cars by 2030. If this happens and BYD is still the market leader then they would have annual sales of one trillion yuan (US$144.4 billion) by 2025, or nine times 2017 revenue.
Most of China’s domestically built electric cars have driving ranges of below 300km, compared to Tesla’s 500km. Chinese-made batteries are heavier and bigger than Tesla batteries.