For quite a long time, China has been infamous for producing low-quality knockoffs of successful products. This counterfeit-goods industry has produced everything from knockoff clothes and shoe brands to mobile phones and cars, with most of these products being of much lower quality than the originals. The vehicles originating from China, for instance, were often almost perfect copies of existing vehicles, such as the Land Wind X7, which took inspiration from the Land Rover.
As several countries across the world started transitioning from internal combustion engine vehicles to zero-emission electric cars, you wouldn’t have been the only one who expected China to play catch up with European and American automakers. However, China’s automotive sector has seen significant development, catching up and some would say even surpassing the automotive sector of the West. As such, China has swiftly become a major player in the fledgling global electric vehicle space, becoming the largest EV market in the world and manufacturing some of the world’s best-selling electric vehicles.
Data from the International Energy Agency shows that while there were only 970,000 electric cars in Europe and 880,000 in the United States by 2019, China had 2.58 million EVs, nearly three times more than Europe and America. On top of that, China has the most extensive public electric vehicle charging infrastructure in the entire world. It has more home and work EV chargers when compared to other territories, boasts 82% of the world’s fast-charging infrastructure, and has more slow (level 1) chargers than found in the rest of the world.
Chinese electric vehicles have definitely become a force to reckon with. For instance, the Hong Guang Mini EV electric hatchback, a tiny electric car with a $4,500 starting price, outsold the Tesla Model 3 and became the best-selling electric vehicle in China. The XPeng P7 features a great design and 440 miles of range, and costs just $36,000, making it another possible alternative for the Model 3, which was the best-selling premium sedan in the world. A couple more China-based EV makers such as BYD Auto, SAIC and Great Wall Motor have released popular electric vehicles, some of them quite affordable.
China is also responsible for producing a large percentage of the metals used to develop electric vehicle batteries. It is the world’s largest lithium producer (60%) and controls 51% of the world’s chemical lithium. China Lao supplies 62% of the world’s chemical cobalt and 100% of spherical graphite. Consequently, Chinese EV makers can manufacture EV batteries at lower costs and pass these savings on to consumers.
This combination of affordability coupled with extremely extensive EV charging infrastructure has put China at the helm of the globe’s electric vehicle sector. If nothing is done, this lead could soon become unassailable.
Already, there are companies such as DSG Global Inc. (OTCQB: DSGT) that have recognized the potential in some Chinese-made electric vehicles and acquired U.S. distribution rights for them. This shows that manufacturers in Europe and America have their work cut out for them if they are to claim a large share of the global EV market.
NOTE TO INVESTORS: The latest news and updates relating to DSG Global Inc. (OTCQB: DSGT) are available in the company’s newsroom at http://ibn.fm/DSGT
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