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Workers assemble an EV car inside BYD's first electric vehicle factory in
southeast Asia, in Rayong, Thailand. Photograph: Chalinee Thirasupa/Reuters
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Workers assemble an EV car inside BYD's first electric vehicle factory in
southeast Asia, in Rayong, Thailand. Photograph: Chalinee Thirasupa/Reuters
Chinese economy



CHINA’S SHARE OF GLOBAL ELECTRIC CAR MARKET RISES TO 76%

Market share increases after strong demand within country offsets risks from
western tariffs on Chinese-made EVs

 * Business live – latest updates

Amy Hawkins
Tue 3 Dec 2024 13.26 GMTLast modified on Tue 3 Dec 2024 14.36 GMT
Share




China’s share of the global electric vehicle market reached 76% in October, the
country’s automotive trade body said, reflecting strong demand for EVs in the
country even as western tariffs risk hobbling exports.

Between January and October, sales of EVs reached 14.1m units, according to the
China Passenger Car Association, with 69% of those sales in China. In October,
China’s share surpassed three-quarters.



The figures suggest that China is on track to increase its share of the global
EV market. Last year, just under 60% of new EV registrations were in China,
according to the International Energy Agency.

Chinese firms win record 11% EV share in Europe as buyers rush to beat tariffs
Read more

The vast majority of global EV sales happen in China, the EU and the US, with
China dominating the market. But tariffs imposed by the western markets in
recent years have threatened to hit the brakes on China’s rapidly expanding
industry, which has been named by Beijing as one of the “new three” priority
areas for China’s economic development and green transition.

Chinese EVs are all but blocked from the US market. This year,Joe Biden
increased the levy on Chinese electric cars from 25% to 100%. Donald Trump has
promised to imposed an additional levy of 10% on all imports from China. The EU
has also decided to impose tariffs on Chinese EVs of up to 35%, on top of
existing duties of 10%, a decision that was condemned by China.

Although western markets are becoming increasingly difficult to penetrate for
Chinese companies, the strong demand and support for EVs at home has continued.
China recently doubled the subsidy available to car buyers to support EV
purchases, to 20,000 yuan (£2,169) for consumers who trade in their conventional
cars.

Tesla, the US car company led by Elon Musk, a close ally of Trump, appeared to
be one of the beneficiaries of the new Chinese subsidy in September. Tesla’s
sales increased by 7% in the third quarter.

China’s auto sales to Russia have also continued to surge. Data shared on Monday
by Cui Dongshu, the secretary-general of the China Passenger Car Association,
showed that exports to Russia have increased by 109% in the past two years,
while exports to the US have dropped 23% in the same period.

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Cui said that Chinese carmakers were “eager to export” to Russia, as
international rivals avoided the market because of “risks”. The US and the EU
banned the export of cars to Russia after the invasion of Ukraine in February
2022.

Explore more on these topics
 * Chinese economy
 * China
 * Asia Pacific
 * Global economy
 * Economics
 * Electric, hybrid and low-emission cars
 * Automotive industry
 * news

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