China remains the global powerhouse in the electric vehicle (EV) market, with recent data from consulting Interact Analysis shedding light on the country’s electrified commercial vehicle landscape for 2023.

Geely emerges as a dominant force in the new energy sector, leading both the truck and bus markets. In 2023, Geely’s sales figures surged to nearly 75,000 electrified trucks and buses, marking a threefold increase compared to its closest competitor, Chery Group, as stated by Senior Research Director of the consulting firm Alastair Hayfield on Linkedin. While Chery and Foton Motor improved their standings, Dongfeng Automobile Co., Ltd. experienced a decline in market share.

160K new energy buses in China 2023

Tightening the focus on new energy buses (see chart below), the leadership of Geely, Chery and Chang’an Auto is largely due to sales of small-sized electric buses. Foton placed fourth with 15K units, King Long sold nearly 9,000 e-buses and Yutong placed only 9th with 5.2K buses. Looking at large-sized buses only, King Long, Foton and Yutong have been covering the first positions. The total size of the Chinese new energy bus market is showed to be around 160,000 units in 2023.

New energy bus market in China 2023. Source: Interact Analysis

Still sourcing from Hayfield’s post, the report highlights the robust participation in the market: “70 OEMs sold new energy buses in 2023, and the top 10 companies accounted for 87.6% of total sales, up by 6.8 percentage points year-on-year. Geely was top of the list, with year-on-year growth up by 112%, giving it a market share of 26.6%. Benefiting from the strong sales of small-sized buses, Chang’an Auto demonstrated the fastest growth in the top ten to secure third position”.

Highlights

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