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The Chinese EV Market Is Now Unbeatable

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EV demand in the U.S. is rising, but uncertainty looms over policies. China, meanwhile, is continuing to grow its lead in the industry.

China's global share of the fully electric and plug-in hybrid vehicle market reached a whopping 76% in the month of October. The Chinese market accounted for 69% of the global EV and PHEV sales between January and October this year. Automakers like BYD, Geely, SAIC and newcomers like Xiaomi are driving this growth. Over the past decade, Chinese automakers have staged a stunning rise in the auto industry, establishing a clear lead over the U.S. and Europe in democratizing electric vehicles.

Simply put, much of the EV mass adoption is driven by China and Norway, with the former having a far greater statistical significance. However, not all of this is great news. There have been concerns about EV production overcapacity in China spilling over to the rest of the world, especially the Global South, where Chinese EVs are now increasingly popular. Plus, the European Union has imposed a tariff of up to 45.3% on Chinese cars, while the U.S.

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