Digital Transformation Slows Down the Global Economy
Russia Hub to Elevate China’s Vehicles Sale
By Shubhendra Anand , 15 March, 2024
Electric vehicle sales have increased since the beginning of 2024 for the clean energy transition. Countries like China are expected to be the global leader in the automotive industry, with increasing car sales in 2024. Russia plays an essential role in accelerating the sale of Chinese vehicles in 2024.
Russia continues to have a good relationship with China as its neighbor and is on good terms for dealings in the automotive sector throughout 2023. According to a survey, Russia reportedly imported 287,000 finished vehicles from the country between January to May 2023. The survey shows that Russia is the most significant center of China-made cars globally. Russia is followed by Mexico and Belgium with 159,000 and 120,000, respectively, in 2023, as per the China Association Of Automobile Manufacturers data. Another survey shows that China is expected to surpass Japan as the leading car exporter in 2023. The growing automotive market in Russia and increasing demand for electric vehicles are the important factors behind China becoming the global leader in export vehicles in 2023. The recent electric vehicle production rate showed that Build Your Dreams (BYD) surpassed the leading electric vehicle maker, Tesla, at the beginning of 2024. Responsible car buyers and substantial subsidies over NEV makers are important reasons to boost the electric vehicles industry throughout 2023. Thus, experts view these reasons to be important factors in increasing electric vehicle sales in 2024 and maintaining an equal production rate throughout the year.
Electric vehicle sales are expected to grow in 2024 due to the green energy transition happening around the globe. Global leaders have set the target of net zero emissions by the end of 2050, and electric vehicles play a pivotal role in the transition to green energy. Therefore, the adoption of electric vehicles is multiplying in the automotive market. China is actively manufacturing electric cars in 2024 to meet the elevated demand for electric vehicles since the beginning of the year. According to data from the Chinese automotive industry, new energy vehicles (NEVs), like hybrids and electric cars, are increasing production and export rates since 2023. It is expected that China's automotive industry will move into 2024 with the same rate of production of electric vehicles to meet consumers' demands and transition to green energy.
Russia Automotive Market Recovers With China Manufactured Vehicles
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Shubhendra Anand
Head Research
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