Combustion Car sales crash in China as EVs break records in April

it's been predicted that car sales in China would begin falling this year and they have they just dropped by about 10% 99.7% however electric car sales hit a new high representing 44% of all cars sold so whilst EV and plug-in hybrid sales continued to grow the sales of internal combustion cars which are well pretty much everything Legacy Auto Sell General Motors Ford Nissen Toyota Etc it's those cars make up the majority of sales for Legacy auto imagine what's happening to them I mean their inventory is apparently according to Reuters they just keep on making cars and they they can't sell them so they are literally building up in these kind of bizarre graveyards now maybe not graveyards I mean maybe they'll sell them one day I don't know when hell my friends welcome to the channel I'm Sam Evans you're watching the electric Viking great to see you what's happened here is very interesting because you'll find that there was a car dealer collapse in China earlier this year gong Dong's yonga Group sold Brands including Honda and other companies or other brands from Japan a Chinese car dealership that operated 80 Stores um went bankrupt only a couple of about two months ago however it was reported last year that more than 2,000 dealerships went bankrupt because they had been selling Legacy automobile Vehicles so Vehicles produced by companies that predominantly don't sell electric cars now if you look at this report from Reuters it's very interesting because it shows you the percentage of cars being sold in China as EVs and plug-in hybrids now to give you some context here 70% of all plug-in hybrids Manu factured worldwide are made by China 70% of all of them only 1.5% are made by Japanese car brands now when it comes to EVS that number is very very similar so 44% or 43.6% of all cars in China in April were either EVS or plug-in hybrids now of that 44% 60% of them were fully electric so that means that 40% were plug-in hybrids so of the new energy Vehicles sold clearly EVS are the dominant form and plug-in hybrids you know they're still very popular and their sales actually are growing very quickly but EVS are clearly more much more popular still in China now you can see this this change has been very very rapid it hasn't happened slowly it's like Tony sa said these these changes in disruption new technologies come along the disruption happens very fast because China has been manufacturing electric cars now for quite a long time I mean really B's been actually selling EV since about 2009 2008 uh but have a look at this January 2021 so really only 3 years ago only about 7% of all cars sold in China were electric or plug-in hybrids so only about 7% were plug-in vehicles in the space of 3 years it's gone from 7% to 40 4% but in the last few weeks in China that 44% was actually 48% this is a very fast disruption and a lot of people think a lot of people think a lot of Legacy Automan manufacturers Volkswagen for example Ford they say that EV sales are slowing down but have a look at these this China graph here it shows you what actually happens I think these Legacy automakers should be looking at this graph to see how disruption works because they don't understand how disruption works yeah it has Peaks and troughs there are slowdowns in demand and all of a sudden you get this new is new Innovations prices come down as they have in China and as they will outside of China it's going to it's going to smash the Australian car market over the next 12 to 24 months I can tell you now the Japanese automakers American automakers European automakers should be very concerned about what China is going to do to Australia it's very similar to what they did in China this kind of disruption that we're seeing here is exactly what will play out in Australia because Australia will be similar to China we're getting all these Chinese car brands coming to Australia we don't have an automotive we don't have an auto automotive industry so there's no reason for us to have you know have the chicken tax to actually tax vehicles from any particular country so there's no taxes on Chinese EVS there's no taxes on Chinese cars meaning really Australia will be like Little China in terms of its auto market and what is really amazing guys is this EV sales have actually grown 64% year onye in the world's biggest car market one nearly one in three cars sold worldwide is sold in China and if EV sales have grown there by 64% how long is it going to take until China hits 80% 90% I think it's only going to be a couple of years before that happens and then how long will it take before Europe does the same we see disruption is happening very quickly and I think we we're all getting confused by the media remember the media who who's paying for their ads who's paying for them to make up these stories saying that no one wants electric cars saying that um actually no you know actually are not going to be a thing now it's going to be hydrogen or some other fossil fuel who's paying for that to for those for them to make those comments for them to try and brainwash people into thinking that to slow down the EV disruption doesn't really I don't think it really matters what happens there because the technology is here it's already here it's in China at these prices China are pushing these cars outside of the country and it's only matter of time before we start to see what Tony cber said electric cars are much cheaper to manufacture and therefore they are cheaper to buy that internal combustion we need about maybe two more years for that to happen but when it does this disruption we're seeing in China we're seeing in Norway we're seeing in Sweden it's going to happen absolutely everywhere and Legacy automakers are going to be royally ifed thank you for watching

Channel: The Electric Viking

Views: 65,812

Keywords: electricvehicles, evs, #electriccars, electricfuture

Id: ECqc_JxCYeM

Length: 6min 20sec (380 seconds)

Published: Mon May 13 2024