China Dual Credit 2022 Results
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China reported an even stronger result in 2022 than the previous year, with a surplus of 28.9 million CAFC credits and 14.6 million new electric vehicle (NEV) credits. There was large variability in the spread of credits between the 125 individual OEMs, with only 60 of them achieving the targets for both credits. For another year, the strongest OEMs were the ones which focused on NEVs, such as BYD and Tesla, rather than many of the international competitors which have been more reliant on their internal combustion engine (ICE) offerings and slower to offer NEVs to the market. As such, the Chinese OEMs, on average, performed a lot stronger than the international OEMs such as Volkswagen (VW), General Motors (GM), Nissan, and Toyota.
