China leads the global electric car market
Chinese electric cars have a low cost, because today most of the batteries are manufactured in China, the cost is lower, and the labor cost is also lower.
Shrouq
China's gradual shift away from fossil fuels in the automotive industry has secured a leading position in the club of global vehicle manufacturers.
China first in the world
1. Beijing secured the top spot among the world's largest auto exporters in the first three months of this year.
2. A reality reinforced by China's increased exports with rising demand for electric vehicles among other factors.
3. Exports of renewable energy vehicles increased in the first quarter of this year, which include electric cars, by more than 90 percent, compared to the previous year.
4. 40% of the cars exported by China are powered by new energy in the first quarter of 2023
5. It reached 83,000 units, which made up 40 percent of all its exports.
Tesla and BYD
SAIC, Tesla's Chinese arm, owner of the MG brand, and BYD, backed by veteran US investor Warren Buffett, are among China's largest exporters of NEVs.
The Tesla factory can produce 1.25 million cars annually at the present time, and the company plans to increase its production capacity.
China has also seen an increase in exports to Russia since the outbreak of the Ukraine war, as Western countries-imposed trade sanctions on Moscow.
Over the past year, Chinese automakers have witnessed a general increase in their market share in Russia, after their main competitors left, as a result of the Ukraine crisis.
Says the specialist in the field of cars, Roger Obeid. The reasons that helped China now lead the car export market in the world are:
• The situation in Russia because the Japanese manufacturers and some European manufacturers withdrew from this Russian market, while China took advantage of this issue and spread a lot in Russia.
• In the first quarter of this year, China's sales tripled only in Russia, amounting to approximately 140,000 cars.
• Chinese electric cars have a low cost, because today most of the batteries are manufactured in China, the cost is lower, and the labor cost is also lower.
• Comparing Chinese cars with Japanese or German ones, we find that Chinese cars have a price that is about half lower than others and have the same specifications. These are all factors that make China, so far, at the forefront of the car market.
• Raw and primary materials for manufacturing electric cars are easy to manufacture in China.
