The electric vehicle (EV) market in 2023 has been largely dominated by Tesla and BYD, marking significant achievements in global sales. Additionally, Chinese EV manufacturer GAC has also seen considerable success, contributing to the competitive landscape.
The International Energy Agency (IEA) has forecasted that EV sales will reach 14 million units by the end of the year, representing a 35 percent year-on-year increase. This surge highlights the growing consumer preference for sustainable transportation solutions.
In 2022, 22 percent of passenger vehicles sold in China were all-electric, totaling 4.4 million sales. This figure surpasses the three million EVs sold globally outside of China, underscoring the country's leading role in the EV sector.
David Bailey, a professor of business economics at the University of Birmingham, observes that Chinese EV manufacturers and their diverse models are now dominating global sales. This trend reflects the increasing innovation and competitiveness of Chinese firms in the international market.
Reference(s):
cgtn.com
