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Video | How China’s electric vehicle industry charged ahead to dominate the global market
- Over the past 10 years, the number of EVs in China has grown to more than 20 million
- But with favourable policies about to expire, fierce competition is putting pressure on carmakers’ profitability
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‘Overtaking on a bend’: how China’s EV industry charged ahead to dominate the global market
‘Overtaking on a bend’: how China’s EV industry charged ahead to dominate the global market
China is now the world’s largest automotive and electric vehicle (EV) market. Sales of electric cars made in the country also account for about 60 per cent of the global total.
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Behind the industry boom is the Chinese government’s long-term commitment to industrial self-reliance and sustainability.
But with policies favouring EV carmakers about to expire, fierce competition has put pressure on their profitability. Chinese carmakers seeking overseas opportunities face rapidly changing markets, increasing costs and geopolitical tensions.
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