China's electric vehicle (EV) exports experienced a significant surge from $400 million in 2019 to $34 billion in 2023, making China the world's top exporter of all cars. The growth was fueled by subsidies leading to overbuilding of factories, now facing challenges as many remain unused. President Xi Jinping's vision of China becoming the largest auto market and leading in EV sales has come to fruition, causing tensions with the West.
President Xi Jinping's dream came true: China has become the world’s largest auto market and sells more EVs than any other country. The success is adding to tensions with the West. https://t.co/lf6iIH7Jfl
President Xi Jinping's dream came true: China has become the world’s largest auto market and sells more EVs than any other country. The success is adding to tensions with the West. https://t.co/tVZj4f0X3w
"China's EV market could soon face a brutal reckoning" https://t.co/REWCXg6DMD "subsidies for the EV industry leading to a glut of new factories being built over the past few years. Many of them now sit empty" "[I]nvestors & local governments reluctant to let EV companies die" https://t.co/3XnGHRjY4E
China's EV market could soon face a brutal reckoning https://t.co/SpvBV4U1TQ
“In 2019, Chinese E.V. exports totaled $400 million; by 2023, they were $34 billion, an 85-fold increase and enough to help make the country, as recently as five years ago an afterthought in global auto exports, today the world’s top exporter of all cars.” https://t.co/RBJw7RfjDw