Chinese electric vehicle (EV) manufacturers are dominating their home market, and with government support and growing consumer interest, they are setting their sights on expanding overseas.
China is the world’s largest EV market, with electric cars making up a quarter of car sales in the country in 2022, according to the China Association of Automobile Manufacturers. William Li, CEO of Nio, a “Chinese Tesla,” sees high-end petrol vehicles such as BMW, Mercedes Benz, and Audi as the company’s main competitors.
China’s success in the EV industry is due to huge government support, including subsidies, tax breaks, and investment in charging infrastructure.
This has allowed Chinese EV manufacturers to offer more than 300 models in the Chinese market, which is now “the most vibrant globally,” according to Counterpoint Research. However, foreign competitors are also watching closely, and Chinese automakers will need to adapt to the market if they want to succeed overseas.
SOURCE: Ref: france24
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