In the last two years, China’s yearly sales for electric vehicles has increased from 1.3 million to a staggering 6.8 million, making 2022 the eighth year in a row that China has had the largest electric vehicle market in the world. In contrast, the United States managed only about 800,000 electric vehicle sales in the same year. China’s leadership in the electric vehicle market has helped the country’s automotive sector develop steadily throughout the pandemic and also aided China in its effort to take the lead on global climate policy.
According to “MIT Technology Review,” various experts attribute China’s accomplishments to the government’s support for supply and demand for electric vehicles. Several domestic electric vehicle brands have evolved as a result of large government tax benefits, subsidies and procurement agreements, as well as ongoing optimization of emerging technologies to meet the practical needs of Chinese customers. This has led to the development of a sizable community of youthful vehicle buyers.
China began producing conventional vehicles in the early 2000s, even before it completely entered the electric vehicle industry; however, there weren’t any homegrown brands that could compete with the foreign manufacturers that dominated the market. This prompted the government of China to abandon proven technologies and make investments in wholly new fields, such as battery-only cars. At the time, the risks appeared to be high; however, the possible benefit was significant: a competitive advantage that could lead to China becoming a major player in the automobile industry.
China has so far had a few constructional benefits. Even though the electric vehicle production technology was different, it still had to be workable with the traditional supply network, which was well established in China. The production expertise and low-cost materials that have kept China’s traditional car factories running may be adapted to support a developing electric sector.
As a result, the Chinese administration started making investments in key technologies during 2001. An electric vehicle technology research plan was listed as a priority in China’s five-year economic plan that same year.
Later in 2007, the country’s EV sector got a huge boost when Wan Gang, who had spent years working with Audi, was appointed as the head of science and technology in China. He is now credited with China’s decision to embrace electric cars wholeheartedly. From then on, the country’s economic plan has continually given priority to electric vehicle expansion.
Last year, China’s exports amounted to 679,000 electric vehicles, a 120% increase from the year before. There’s no reason to believe that the figures won’t keep rising. As they do, the likes of Lordstown Motors Corp. (NASDAQ: RIDE) and other manufacturers from around the world will need to be at their best to keep China from wresting market share from them during the coming years.
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