Chinese passenger EV sector is on a rebound after a prolonged period of low sales volume but volatility remains.
Because of their work, Business Insider named BYD founder Wang Chuanfu and NIO CEO, William Li, to our annual list of theIn the middle of this year, China's market for passenger electric vehicles emerged from a yearlong downturn. After a sustained drop in vehicle sales brought on by a reduction of government subsidies and compounded by the effects of COVID-19, consumer confidence returned.
The rebound is the latest twist for a sector that has experienced spectacular growth over the past decade. In 2011, China accounted for just over 5% of global EV sales. By the start of this year, even during a downturn, that share had jumped to over 50%, making China the single largest EV market. Given the number of companies involved in the EV sector, some level of consolidation would appear to be inevitable. However, Ilaria Mazzocco, a senior research associate at MacroPolo, the China-focused think tank at Chicago's Paulson Institute, says this doesn't need to be too extensive.
Wang said identifying and building EV charging stations would be a focal point for future development.
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