How Chinese EVs Are On The Verge Of World Domination – HotCars

The electric vehicle (EV) industry is on the brink of an impressive global takeover, and Chinese manufacturers are leading the charge. With the help of generous government subsidies and a booming domestic market, Chinese EV makers are rapidly establishing themselves as major players in the automotive world.

According to recent market research, Chinese EV manufacturers are expected to account for more than half of global EV sales by 2025. This is remarkable considering that just a few years ago, the Chinese EV industry was relatively small. In the first quarter of 2019, China accounted for over 60 percent of global EV sales, a figure that is only expected to rise in the coming years.

One of the biggest reasons for this surge in Chinese EV sales is the generous subsidies offered by the Chinese government. Subsidies for electric vehicles in China can reach up to 60,000 yuan ($8,700), a figure that is much higher than the incentives offered by most other countries. This has made EVs much more affordable for Chinese consumers, leading to a rapid increase in sales.

Chinese EV makers are also benefiting from the country’s booming domestic market. China is now the world’s largest auto market, with over 28 million vehicles sold in 2018. This has enabled Chinese EV makers to capitalize on the country’s large customer base and scale up their operations quickly. Many Chinese EV companies are now looking to expand beyond their domestic market and take their products global.

In addition to the subsidies and the large domestic market, Chinese EV makers are also benefiting from the country’s advanced manufacturing infrastructure. China has invested heavily in its automotive industry and now boasts some of the most advanced manufacturing facilities in the world. This has enabled Chinese EV makers to produce high-quality vehicles at competitive prices.

With the help of generous government subsidies, a booming domestic market, and advanced manufacturing infrastructure, Chinese EV makers are well-positioned to take over the global EV market. As Chinese EV makers continue to grow and expand, it is only a matter of time before they dominate the world.