Digital Transformation Slows Down the Global Economy
Affordability In Electric Vehicle Prices Boosts The Sales In China
By Shubhendra Anand , 10 May, 2024
Electric vehicles are gaining momentum in China with the rapid growth of the clean energy transition in 2024. China surprises the world with the country's increasing growth in the automotive sector with electric vehicles. China's April 2024 market shows rapid sales of electric cars in the nation due to a drastic fall in electric vehicle prices.
According to the survey reports on electric vehicle sales, the industry will experience a surge in sales in 2024. This is due to the reduction in electric vehicle prices by China's automotive industry manufacturers. Chinese electric vehicles have faced some challenges in the past economic quarters in order to uplift the market. However, cheaper electric vehicle prices altered the Chinese automotive industry's outlook in 2024. The foremost electric vehicle producer in China, Build Your Dreams (BYD), offers Chinese consumers cheaper prices for electric vehicles in 2024. However, European and American automotive industries face less demand for electric vehicles. In contrast to the West's electric vehicles market, the Chinese electric vehicles market will grow exponentially in 2024. Based on International Energy Agency (IEA) reports, electric vehicle sales will increase to 10 million in 2024.
China gives robust competition to Western countries in electric vehicle sales in 2204. Experts noted that this kind of competition in the automotive industry had never existed before. The main factor behind China's electric vehicle growth is cheaper EV prices, making them affordable for customers. Experts believe affordability is the main factor in accelerating electric vehicle sales in China. Western electric car makers have yet to achieve the 'affordable electric vehicles' target in the European and US markets. However, the Chinese market overcomes the West to develop affordable electric cars with the help of its government. The Chinese government has subsidized automotive industries in China to empower electric vehicle manufacturing. Tesla fails to grow its electric vehicle sales in China due to exponential sales from domestic manufacturers of electric vehicles in 2024.Expected Sales of Electric Vehicles in All These Years
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Shubhendra Anand
Head Research
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