This ALL NEW China Electric Car Giants Are Set To SHUT DOWN The ENTIRE Electric Vehicle Industry!

#ev #china #chinaev

China is a major market for electric vehicles.

As of 2020, the passenger car market in China was the largest in the world for EVs.

Now, according to research conducted by Mordor Intelligence, its value in 2021 amounted to $124.2 billion. And the current projections put the total at $799 billion by 2027.

Four of China’s top five automakers are domestic, making it the world leader in this category.

According to data provided by EV Volumes, Tesla held the third greatest share of China’s EV market from January to May.

In addition, the US firm now also controls 6.6% of the Chinese market, where 319,102 were sold in China that year.

But now, EV giants in China are set to destroy the entire EV market in China and abroad with their latest plans and vehicle offerings.

So, who are some of these companies are how are they planning to dominate the worldwide EV market?

If You Like This Video; Like, Share, Comment And Subscribe. This Means A Lot To Us!

Thanks For Watching Our Video; This ALL NEW China Electric Car Giants Are Set To SHUT DOWN The ENTIRE Electric Vehicle Industry!

Subsidies for electric vehicles in China are slated to be eliminated by the end of the year. There will soon be an even more brutal reality for the country’s roughly 300 EV manufacturers in their already fiercely competitive domestic market.

BYD has already implemented pricing hikes. As a result, European businesses risk their Chinese competitors would view expanding exports as a viable strategy.

China’s significant investment in the EV supply chain over several years has given the country significant advantages that other countries won’t be able to match anytime soon.

Additionally, Germany is home to Contemporary Amperex Technology Co, the largest lithium-ion battery manufacturer in the world.

Companies like BYD, which manufactures both vehicles and batteries and electronics, are said to be “vertically integrated.”

Battery output in the European Union is also increasing. However, the limited supply of key inputs, such as lithium, threatens to impede an already labor-intensive procedure.

Now, China’s EV manufacturers still dominate the Chinese domestic EV market.

Chinese electric vehicle manufacturers have already surpassed their European competitors on Chinese soil.

According to the China Passenger Car Association, in the first seven months of 2022, BYD alone sold 792,734 EVs. This is an increase of 301% year over year, making them the leading EV producer in the world.

BYD also managed to succeed in China during Tesla’s rough second quarter due to supply chain issues and Covid shutdowns.

Volkswagen’s Chinese joint venture with FAW saw EV sales increase by only 74% year-to-date to 51,005. And its second joint venture with Chinese automaker SAIC has seen comparable sales of 49,813.

The CPCA’s top 15 EV manufacturers ranking is dominated by domestic companies, including joint ventures.

Now, there is optimism that if Chinese EV manufacturers can overtake Tesla and VW, they will feel more prepared to compete in the European Union.

Unfortunately, new businesses are hard to come by in the EU. This is also where traditional automakers struggle to adapt to the shift from gas-powered to electric vehicles.

But that doesn’t mean securing success in European markets will be simple. Even if the macro and geopolitical environment are fraught with danger, there is a growing push to entice some of the world’s most discriminating, standard-conscious automobile customers.

Now, Chinese EV brands are more concerned about the EU market rather than the US.

Analyst Gregor Sebastian from the Mercator Institute in Germany says Chinese EV manufacturers are eyeing Europe as a way to expand on their local success. The EU is where widespread adoption of EVs is required for an ambitious green agenda.

He also stressed the significance of politics. The government in China agrees with electric vehicle manufacturers that it is essential to break into foreign markets to boost China’s image.

The measures indicate China’s efforts to improve its image as it advances the quality rankings.

Midway through the twenty-first century, attempts by mainland legacy automakers to break into the European market met with humiliating failure.

This occurred when the Landwind SUV from Jiangling Motors and the BS6 car from Brilliance China Automotive did not pass mandatory safety tests in Europe.

However, the playing field has shifted as the EV business now places equal importance on batteries and technology as it does on design and engineering.

In September, Nio’s ES8 SUV model was awarded a perfect five-star safety certification from the Euro NCAP.

More Details In The Video

source

Comments are closed.