industry has reached a historic milestone, surpassing 30 million units in both production and sales for the first time in 2023. This significant achievement solidifies China’s position as the world’s leading auto market and paves the way for even greater dominance in theindustry, with the potential to capture a staggering 60% of the global market share by 2030. This translates to a projected annual sales volume of 60 million EVs, a significant jump from the current global figure.
Secondly, the shift towards EVs presents a unique opportunity for China to “overtake on a curve.” While traditional automakers from Europe, America, and Japan previously dominated the market with their expertise in internal combustion engine technology, the rise of EVs has leveled the playing field. Batteries, motors, and electronic controls – the core components of EVs – are areas where China has rapidly developed its capabilities.