Despite slower sales in the US and Europe, China’s electric vehicle (EV) market is booming. Major Chinese companies and start-ups have reported record sales figures in the third quarter of 2024. The competitive pricing and variety of EV models offered by Chinese companies are driving this growth. China’s government has invested in EV research and has incentivized EV uptake with tax exceptions and subsidies for automakers. As a result, the Chinese EV market size is expected to grow from $305.6 billion in 2024 to $674.3 billion by 2029. BYD, a Chinese EV maker, recently reported higher quarterly sales than Tesla for the first time. Other Chinese companies, such as Zeekr, Xpeng, and Nio, are also seeing significant sales growth. However, the introduction of tariffs on Chinese car imports by the US and EU could stifle sales in the coming years.
Source: https://oilprice.com/Energy/Energy-General/Government-Support-Fuels-Chinas-EV-Boom.html