5 Chinese Electric Car Companies That Will DOMINATE The Electric Vehicle Industry By 2023
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The competition to develop electric cars for widespread consumption is picking up speed. Traditional automobile manufacturers have suddenly shifted their focus to electric vehicle technology, even though Tesla has been the clear front-runner for several years.
This is because more consumers and businesses are turning to EVs due to several forces, including political, environmental, social, and economic pressures. And that is precisely what is occurring now in China. Chinese electric vehicle manufacturers are rapidly closing the gap between themselves and the industry leader Tesla in terms of market share. So, who are these manufacturers, and how are they doing it?
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Rising tensions between the United States and China have affected the competition to become the dominant player in the electric vehicle market.
The number of traditional combustion cars is decreasing due to tariffs. And this is made worse because demand for such vehicles has slowed down in China and Europe.
There is also the possibility of legislative action being taken, which will drive demand. A little more than 20 years from now, electric vehicles will be the norm in the United Kingdom due to the government’s decision to prohibit the sale of new diesel and gasoline-powered vehicles beginning in 2040.
And lastly, customers’ preferences play a part in the move toward electrification.
One-third of customers believe they would seriously consider purchasing a pure electric vehicle if they were in the market for a new car. At the same time, 52% of consumers say they would buy a hybrid.
Beijing’s robust electric vehicle market development contributes to China’s electric vehicle boom, pushing ahead at full throttle. And the rise of China’s electric automobile industry may herald a significant shift in the country’s economic landscape.
You might be familiar with the name Tesla, but are you also familiar with Byton, BYD, SAIC, Nio, and XPeng?
These are some of China’s most cutting-edge electric vehicle firms, competing directly with Tesla and other big EV manufacturers worldwide.
And right now, these businesses absolutely control the Chinese market, which is harming Tesla’s sales in that country.
In fact, in 2021, China’s electric vehicle sector had a total value of $124.21 billion.
As a result of the increased demand for electric vehicles, the number of electric cars sold in China is expected to reach 6 million by the end of 2022.
The electric car sector in China is already ahead of its counterparts in the United States and Europe, where it is estimated that sales in 2022 will reach 1.2 million and 3.2 million.
The State Council of China aims to convert all its public transportation fleets to electric vehicles by 2035. The province of Hainan is also taking the initiative to promote the surge in electric vehicle use.
Now, the year 2030 will mark the end of the province’s ambition to totally eliminate the sale of gasoline powered vehicles.
The current administration in the United States, led by Joe Biden, is concerned about China’s rising advantage in the electric vehicle market. And in February, the United States Congress allotted $7.5 billion for electric vehicle charging infrastructure.
Chinese EV manufacturers are now coming together.
Chinese businesses are outcompeting Tesla by seeing emerging trends earlier and providing solutions for them. And these solutions can be promoted to a sizable domestic audience in a short amount of time.
A new line of electric vehicles is now being developed for sale on the domestic and international markets by Chinese enterprises. And they are putting together their most advanced technological offerings.
In Indonesia, an affordable electric vehicle has been introduced thanks to a partnership between Shanghai Automotive Industry Corporation (SAIC), owned by the state, General Motors of the United States, and Wuling Motors of China.
In August, the new electric vehicle designed specifically for the Indonesian market was introduced to the country by the Chinese ambassador in Jakarta, Lu Kang.
Electric vehicles’ excitement is fueled by more than just one EV joint venture. The top battery manufacturer in China, CATL (Contemporary Amperex Technology Limited), has joined forces with the state-owned Chang’an Automobile Company and the technology company Huawei to form a new joint venture.
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