China’s Electric Vehicle : Unraveling the Dominance, Lessons, and Global Impact

In 2022, China largely dominated the global electric vehicle market, according to Climatoscope. Mainland China accounted for 96% of EV sales in emerging markets in 2022, with 6.1 million vehicles sold.

One impressive aspect of China’s leadership of the EV market is its consistency. With the exception of 2020, when the COVID-19 pandemic disrupted global markets, China has consistently outperformed developed countries in EV sales since 2017, with Chinese EV sales accounting for 60% of global sales in 2022.

Trend of EV Sales Share

The supremacy of the Chinese EV market is also reflected in the variety of models available, with 7 of the top 10 EV models in Q4 2022 coming from Chinese brands according to CounterPoint Research.

One of the key factors that sets China apart from developed countries in the EV race is the striking contrast in prices. In China, it is possible to buy an electric vehicle for less than €4,000, a fraction of the cost required in developed countries.

On average, electric vehicles in developed countries are almost twice as expensive as those on the Chinese market. This significant price difference has played a key role in China’s unparalleled success in the electric vehicle sector. Other reasons include government subsidies and support, China’s lead in battery technology and its dominance of the battery manufacturing process.

EV price by brands

While we may not always agree on working conditions, as some research shows, there are several valuable lessons to be learned from China’s success.

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