SINGAPORE: Electric vehicle sales in China have risen year-on-year, according to data released this week.
While it recently ceded its top global EV seller title to Tesla, BYD's overtaking of Elon Musk's automaker in the previous quarter had been lapped up by Chinese state media, which referred to the"milestone" as a step towards Beijing becoming the world's biggest auto exporter. The boom is largely driven by the Chinese government’s substantial supportive policies, wrote Li in her commentary.
“China’s focus has been to ensure that EVs were accessible for the masses, and it has done so to great success, developing its low-entry segments, and allowing demand to shift as smoothly as possible from to EVs,” said David Krajicek, CEO of research firm JATO Dynamics.In 2022, Chinese manufacturers held a 60 per cent share of the global EV battery market. China also controls the production of battery materials like nickel, cobalt and lithium.
Last week, Reuters reported that Tesla had scrapped plans for a low-cost car which Musk had repeatedly promised to deliver and price around US$25,000. According to research company Rystad Energy, the EV landscape outside of China is “notably different”, with European markets stagnant and the US' lacklustre.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: IndependentSG - 🏆 9. / 63 Read more »
Source: The Straits Times - 🏆 8. / 63 Read more »