Domestic and foreign car companies, including BYD, Volkswagen, Toyota and others, have been building new energy vehicle projects in China. So how many new energy car companies are there in China?
According to data provider Qichacha, China added 47,000 new new energy vehicle-related companies in 2019 and the current total stood at 192,000.
In the second quarter of this year, the number of registrations reached 20,000, up 122.2% from the previous quarter. There were 65,000 companies with registered capital of 10 million or more, accounting for 34% of the total.
In the last decade of industry development, the number of registrations began to jump significantly around 2014. 2018 reached its peak with new registrations of 49,000.
In 2019, the number of new registrations reached 47,000, more than 23 times the number of 2010 registrations.
Geographically, Shanghai was the only municipality to make the top 10 list, with 10,000 companies.
Guangdong province ranked first with 23,000 companies, followed by Shandong and Jiangsu in the provincial rankings.
Jiangsu's growth this year is particularly impressive, with 3,277 new energy vehicle companies registered from January to June 2020. The number of companies was up 108.6 percent compared to the same period last year.
Of the 16,000 companies in Jiangsu Province, Suzhou accounted for the largest share with 3,251, followed by Nanjing with 2,939.
From January to June 2020, there were 29,000 new energy vehicle-related company registrations in China, up from the same period in 2019 up 26.1%. The figure for the second quarter was 20,000, up 122.2% from the first quarter.
In terms of registered capital, there are 38,000 companies with registered capital of less than 1 million, accounting for 20% of the total registrations.
There are 57,000 companies with registered capital between 1-5 million, accounting for 30 per cent of the total registrations. In addition, companies with a registered capital of more than 10 million account for 34% of the total.