Chinese companies are increasingly expanding their presence in emerging markets, particularly in Southeast Asia, where there is a growing demand for electric vehicles (EVs). Chinese EVs hold a competitive advantage in terms of pricing, which makes them more appealing compared to their pricier Western and Asian counterparts.
Key Takeaways
- China is leading the production of electric vehicles worldwide with nearly 60% ownership of the market.
- China has quadrupled its export value from electric car batteries, from US$8.59 billion in 2021 to US$34.13 billion by 2023.
- Different Chinese brands such as BYD, SAIC Motor Corp-owned MG, Nio, GAC Motor, Li Auto, Geely, and Chery took over 53% of the global electric vehicle market.
- In 2023, there was a notable 894% year-on-year increase in electric vehicle (EV) demand in South-East Asia. Chinese companies have entered this growing market in recent years and quickly become its dominant force.
According to the International Energy Agency, China accounted for around 60% of global electric car sales in 2023. This highlights China’s significant role in the electric vehicle market, both in terms of production and sales.
Different Chinese brands such as BYD, SAIC Motor Corp-owned MG, Nio, GAC Motor, Li Auto, Geely, and Chery took over 53% of the global electric vehicle market. Chinese EV manufacturers are expanding their presence in Southeast Asia, capitalizing on the region’s growing demand for EVs and investing in production facilities to solidify their position.
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