China | The rise of China’s EV sector and its implications for the world

Summary

China has emerged as a global leader in the EV market. Its domestic market sales and exports value show China’s good performance in the sector. China will continue to be one of the top players in the global EV market.

Key points

• Key points:
• Its domestic market is the largest one in the world, selling 6.9 million EVs in 2022. China was the global EV top seller in 2022. Sold 6.9 million EV, against 5 million in Europe and 2.3 in North America.
• China has also become a major exporter of EVs, with a significant market share in EV exports.
• A firm national strategy to promote the development and use of EVs, and technological breakthroughs, particularly in batteries, have been part of China’s formula of success.
• A firm national strategy to promote the development and use of EVs, and technological breakthroughs, particularly in batteries, have been part of China’s formula of success.
• The growing dominance of Chinese EV makers in the global market poses significant challenges for traditional automakers in the US and Europe. More competitive prices in China will put pressure on European and US automakers.

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