China Has More EVs Than the EU and U.S. Combined

What we’re showing?

The number of BEVs (Battery Electric Vehicle) and PHEVs (Plug-in Hybrid Electric Vehicle) on the road in China, the EU27, and the U.S. between 2010 and 2022.

Key takeaway

Over the last two decades, China has grown its EV fleet to 14.1 million, which is more than double the EU27's stock of 5.7 million vehicles and nearly five times greater than America’s 2.96 million.

Chinese subsidies drive growth 

EV stock in China increased by 63% between 2017 and 2022, supported by strong governmental incentives. The EU27 follows closely with a CAGR of 62%, while the U.S. has a CAGR of 31%.

The Chinese government has been subsidizing producers of public transportation, taxis, and consumer vehicles since 2009. 

More than 200 billion yuan ($28 billion) was spent on EV subsidies and tax breaks in China over the 2009-2022 period, according to China Dialogue.