The biggest transformation of the auto industry in a century is underway, as governments offer massive subsidies to speed up the shift to electric vehicles. In the past year, several surprises have emerged. One is the size of the lead Chinese automakers have opened, and just how difficult it will be for the rest of the field to compete with the lower cost and advanced technology of made-in-China cars. Another is the extent of the country’s dominance of the EV supply chain. And just as automakers have begun scrambling to catch up, the growth in demand for EVs has slowed globally. This combination could mean big losses for Western automakers and endanger ambitious goals for reducing the greenhouse gas emissions that come from road transportation.
Chinese brands account for about half of all EVs sold globally. Chinese companies have succeeded in taking domestic market share from former leaders such as Volkswagen AG, while homegrown champion BYD Co., the top brand within China, overtook Tesla Inc. as the world’s largest EV maker in the fourth quarter of 2023. China’s consumers are going electric in large numbers: fully-electric vehicles (that is, not hybrids or plug-in hybrids) accounted for a quarter of all new passenger car sales there in 2023, compared with 15.7% of sales in Europe. UBS analysts predicted that China’s global market share will almost double to 33% while traditional Western carmakers will see their share fall to 58% from 81% by 2030; they also estimated that in 2023 BYD had a 25% cost advantage over North American and European brands.
"auto" - Google News
March 02, 2024 at 12:00PM
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How the Shift to Electric Cars Is Reshaping the Global Auto Industry - Bloomberg
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