Beijing, 17 September 2022 (TDI): China is at the forefront of the world’s biggest electric vehicle market development. The country is home to several new electric vehicle producers, whose sales are growing locally and internationally.
China is the world’s largest #NEV market, w/ production & sales ranking 1st in 7 consecutive years. China’s NEV sales increased 270 times from 2012 to 2021. From Jan to Jul in 2022, exports of NEVs rose by more than 90% y-o-y. pic.twitter.com/ADLP0at9kR
— Ambassador Deng Xijun (@China2ASEAN) September 9, 2022
EVs are a fundamental part of the green transition
As the green transition takes off globally, China has made a significant transition towards electric vehicles (EVs). Electric vehicles have become a fundamental part of the green transition strategy as it brings many environmental and other benefits.
China has left behind the United States of America and Europe in the EV manufacturing and selling game. The country now makes up 60% of global EV production and is globally becoming a global hub of EV production.
In addition, sales of EVs are expected to grow from 4 percent of total car sales in 2020 to 70 percent by 2040, with China as the main market.
In short, in the race to dominate the EV sector, China is ahead in demand currently. Moreover, from its consumers and soon, from the rest of Asia and also in supply, China not only accounts for a good part of the world’s automobile production but more importantly, controls battery components.
Also read: Presidents of China, Tajikistan meet on sidelines of SCO summit
Subsidizing an environmental movement
The decision by the Chinese government to aggressively adopt EVs is based on four factors. It wants to become a world leader in this young industry and cut back its dependence on the Middle East for oil.
Moreover, China wants to reduce the amount of air pollution in urban areas and cut back on carbon emissions.
With each passing day, huge Chinese companies are taking over the EV market. Moreover, they have the potential to provide consumers with a cheap and reliable EV in the next few years.
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