The potential of Chinese EVs

A major shift in the global electric vehicles (EV) market is underway, led by cheaper Chinese electric cars equipped with smart tech features. China already accounts for nearly 60 per cent of the global EV market share, and Bloomberg projects world sales to surge 21pc to 16.7 million units in 2024 — one out of every five cars sold globally last year was an EV. Chinese automakers have not only developed surplus capacity in the country but are also building factories in other countries to tap the huge market growth potential. BYD Auto Co, which specialises in plug-in hybrids and fully electric vehicles, sold three million units last year, leaving Tesla far behind to become the world’s largest EV manufacturer. Its mainland Chinese manufacturing facilities can make 4m units a year.