In Flux: Taking Stock of the Electric Vehicle Market in China
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Electric Vehicle Insights

In Flux: Taking Stock of the Electric Vehicle Market in China

13 November 2024 / Article

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After a fivefold electric vehicle (EV) sales expansion between 2020 and 2023 driven by increased affordability, China’s EV market now faces declining government subsidies, intensified competition, and rising trade tariffs. This article discusses how Chinese EV manufacturers are working to overcome these obstacles to bolster long-term success and growth.

Key Insights

  • The world’s largest EV market produced and sold nearly 10 million units in 2023, and EVs made up over a third of new car sales as technological innovations, strong government support, and an ongoing price war increased affordability.
  • While price parity between EVs and internal combustion engine (ICE) vehicles is expected by 2029, challenges including reduced subsidies, intensified market consolidation, and increased trade tariffs create uncertainties for China’s goal of having EVs account for 60% of all new car sales by 2030.
  • The Chinese government is progressively transitioning away from substantial direct subsidies to indirect support measures, resulting in tightened profitability and intensified competition for EV producers.
  • Higher-quality EVs featuring increased range and lower costs and enhanced charging domestic infrastructure are crucial issues to address to guarantee the sector’s sustained growth.
  • China’s leading EV producers are ramping up R&D investments to advance technology and cut costs and attempting to export and capitalize on global market opportunities to ensure long-term success.

After a fivefold electric vehicle (EV) sales expansion between 2020 and 2023 driven by increased affordability, China’s EV market now faces declining government subsidies, intensified competition, and rising trade tariffs. This article discusses how Chinese EV manufacturers are working to overcome these obstacles to bolster long-term success and growth.

Key Insights

  • The world’s largest EV market produced and sold nearly 10 million units in 2023, and EVs made up over a third of new car sales as technological innovations, strong government support, and an ongoing price war increased affordability.
  • While price parity between EVs and internal combustion engine (ICE) vehicles is expected by 2029, challenges including reduced subsidies, intensified market consolidation, and increased trade tariffs create uncertainties for China’s goal of having EVs account for 60% of all new car sales by 2030.
  • The Chinese government is progressively transitioning away from substantial direct subsidies to indirect support measures, resulting in tightened profitability and intensified competition for EV producers.
  • Higher-quality EVs featuring increased range and lower costs and enhanced charging domestic infrastructure are crucial issues to address to guarantee the sector’s sustained growth.
  • China’s leading EV producers are ramping up R&D investments to advance technology and cut costs and attempting to export and capitalize on global market opportunities to ensure long-term success.
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Authors

Alexander Heil, PhD

Alexander Heil, PhD Alexander Heil, PhD

Senior Economist, ESF Center
The Conference Board

Read Bio

Ioannis Siskos

Ioannis Siskos Ioannis Siskos

Senior Research Fellow, Environmental, Social & Go…
The Conference Board

Read Bio

Minji Xie

Minji Xie Minji Xie

Senior Researcher, China Center for Economics and …
The Conference Board

Read Bio

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