Dear MEL Topic Readers,
How China made electric vehicles mainstream
China is the world’s largest automobile and EV country. Over 30 million
new cars were sold in 2024 alone, more than the combined sales of the US and
Europe. Among the new cars sold that year, over six million were battery-only
vehicles (BEVs) and around 4.5 million were plug-in hybrid vehicles (PHVs).
Combined, about 10 million electric vehicles, more than the EV sales in all the
other countries combined. While other developed countries are seeing slower EV
sales in recent years, China’s EV sales are growing fast. In fact, German, US, and
Japanese automakers have somehow slowed down their EV sales projections. How has
China become the leading EV country in the world? The price is one thing. The
price tags of entry-level EVs are as low as those of conventional
gasoline-powered vehicles. Also, government subsidies and incentives for EV and
battery manufacturers and charging stations are quite substantial. In addition,
registration and running costs are both much cheaper for EVs than those of conventional
vehicles. Government’s strategies, commitment, incentives, and subsidies are
all there in China to develop the industry in just a decade or so. The fast-growing
industry is facing an overcapacity problem.
Read the article and learn about how China has become the leader in EV
sales.
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