2023-07-19 06:00:00
The boom isn’t just regarding buyers, manufacturing is also booming, with Chinese brands making up regarding half of electric vehicles sold globally, HSBC analysts said in a recent note.
The availability of infrastructure certainly helps the adoption of electric cars. China, which has the largest charging network in the world, added 649,000 general chargers in 2022 alone, which is equivalent to more than 70% of all charging points globally in that year.
Encouraged by this progress, electric car makers have showered China with new models, a price war has erupted this year as companies try to outpace competitors, and analysts predict some consolidation deals in the sector soon in China.
China’s Guangzhou Automobile unveils the world’s first ammonia-powered engine
Here’s a closer look at China’s carrot and stick approach to boosting its electric vehicle sector:
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