China doesn't need to sell a single car in the US to dominate the American electric car market

Posted By TheNewsCommenter: From Businessinsider.com: “China doesn't need to sell a single car in the US to dominate the American electric car market”. Below is an excerpt from the article.

The Chinese electric vehicle market is huge and growing — and that success has many wondering what's next.

About 27% of new vehicle sales in China last year were electrified (either pure EVs or hybrids), says advisory firm Automobility. And given the number of Chinese buyers, those sales made up about two-thirds of the global EV market.

Despite COVID lockdowns, other headwinds impacting consumer sentiment and the economy, and government EV subsidies phasing out, it's an exciting time for the Chinese auto industry, bolstered by the country's long-standing and inimitable EV supply chain. 

EV companies like Geely, Xpeng, Li Auto, NIO, and more are gaining traction. Their market share in China rose 17% in 2022, while that of non-Chinese automakers dropped 11%. (Firm BYD alone sold nearly 1.8 million battery electric vehicles and plug-in hybrids in China last year — surpassing Tesla's 1.3 million worldwide.)

Even if others catch up, China will continue to dominate global EV sales this year, according to GlobalData. 

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