ArenaEV.com ArenaEV.com

Facebook

Twitter

Instagram

RSS

Settings
Units
Power
Standard
Consumption
Currency

Log in

Login

I forgot my password
Sign up
ADVERTISEMENTS

China's grip on the global EV market tightens

  • Post your comment
  • Comments (1)

Max McDee, 04 December 2024

Misc

China's electric vehicle market impressive growth shows no signs of slowing down. It captured an impressive 76% of the global market share in October. And all that despite trade tensions and tariffs imposed by Western countries, proving that Chinese EV industry is as resilient as ever.

According to the China Passenger Car Association, a remarkable 14.1 million Chinese EVs were sold between January and October. 69% of those sales took place within the country. This data is the clearest indication yet of the significant role domestic demand plays in propelling China's EV market forward.

China's grip on the global EV market tightens

While Western tariffs pose challenges to Chinese EV exports, the country's internal market remains a driving force. According to the International Energy Agency, under 60% of new EV registrations in 2023 were in China. Since the vast majority of global EV sales are concentrated in just three areas - China, the EU, and the US - it makes the Chinese EV market an undisputed leader.

Under the Biden administration, the US has increased tariffs on Chinese electric cars to 100%. The EU has also imposed tariffs of up to 35% on top of already existing duties. These trade barriers were designed to slow down China's rapidly expanding EV industry. Beijing has long prioritized the EV industry as the most important component of its economic development and green transition strategies.

China's grip on the global EV market tightens

Even with the challenges posed by Western tariffs, China's domestic policies continue to stimulate EV adoption. The government recently doubled subsidies to RMB 20,000 ($3,000) for car buyers trading in their ICE-powered vehicles. Tesla is one of the companies benefiting from the increased subsidies. Its sales in China jumped up by 7% in the third quarter of 2024.

Interestingly, while exports to Western markets face hurdles, China's auto sales to Russia have surged. Data from the China Passenger Car Association reveals a 109% increase in exports to Russia over the past two years. Exports to the US dropped by 23% during the same time.

China's unrelenting focus on EV development, coupled with strong domestic demand and supportive government policies, makes it a dominant player in the global electric vehicle market.

Via

This article contains localized units and prices. Change settings.
Your choice
Related articles
  • New IIHS crash tests reveal problems for some popular electric cars New IIHS crash tests reveal problems for some popular electric cars
  • SK On aims to sell solid-state batteries by 2029, opens pilot plant SK On aims to sell solid-state batteries by 2029, opens pilot plant
  • Rho Motion: EV sales spike globally,  reach 1.7 million in August Rho Motion: EV sales spike globally, reach 1.7 million in August
  • China moves to ban hidden car door handles over safety fears China moves to ban hidden car door handles over safety fears

Reader comments

?
  • Anonymous
  • rK8
  • 05 Dec 2024

They are trying so hard to prevent china from becoming the top car exporter. Even if it means taking away affordable EV options and killing EV adoption rate. What happened to global warming, climate change now

  • Reply
  • Read all comments
  • Post your comment
Total reader comments: 1

  • Home
  • Compare
  • News
  • Terms
  • Reviews
  • About us
  • Tesla
  • Volkswagen
  • Audi
  • Porsche
  • BMW
  • Mercedes
  • Hyundai
  • Kia
  • Genesis
  • Renault
  • Nissan
  • Ford
  • Volvo
  • Polestar
  • Jaguar
  • Toyota
  • Mazda
  • Mini
  • MG
  • Vinfast
  • Lucid
  • Rivian
  • Cadillac
  • Chevrolet
  • GMC
  • Subaru
  • Nio
  • Xpeng
  • BYD
  • [..]

EV finder

ADVERTISEMENTS

Latest models

  • ModelMercedes
    GLC 400 4MATIC
  • ModelBMW
    iX3 50 xDrive
  • ModelTesla
    Model Y Performance
  • ModelMercedes
    CLA Shooting Brake 250+
  • ModelHyundai
    Ioniq 6 N
  • ModelNissan
    Leaf 75kWh

Featured

  • NCM, NCA, LFP, solid-state - EV battery chemistry explained NCM, NCA, LFP, solid-state - EV battery chemistry explained
  • No, your 800V Hyundai or Kia doesn't charge at 350kW No, your 800V Hyundai or Kia doesn't charge at 350kW
  • Mirror cameras: The pros and cons Mirror cameras: The pros and cons
  • Different types of electric motors used in EVs Different types of electric motors used in EVs
  • The EVs will kill the power grid. Or will they? The EVs will kill the power grid. Or will they?
ADVERTISEMENTS

Reviews

  • Nissan Ariya review Nissan Ariya review
  • Hyundai Ioniq 6 LR AWD review Hyundai Ioniq 6 LR AWD review
  • Zeekr 001 with 140 kWh Qilin battery real life range test results Zeekr 001 with 140 kWh Qilin battery real life range test results
  • Hyundai Ioniq 5 77.4 kWh AWD review Hyundai Ioniq 5 77.4 kWh AWD review

Home News Compare About us RSS feed Facebook Twitter Instagram

© 2022-2025 ArenaEV.com Mobile version EV Finder Glossary Privacy Terms of use

From the team behind
GSMArena.com