China, which has the largest charging network in the world, added 649,000 public chargers in 2022 alone, which is more than 70% of all installations done globally that year. Encouraged by all the progress made, EV makers have swarmed China with new models, and a price war has flared this year as companies try to get ahead of rivals.
Beijing’s success is breathtaking. EVs accounted for a quarter of all passenger cars sold in China last year, far ahead of the roughly one in seven in the US and one in eight in Europe. And the pace is accelerating. HSBC expects the EV penetration rate in the world’s second-largest economy to reach 90% by 2030.
China Electric Vehicles: China s clear-car sales, including plug-in hybrids, reached 5.67 million last year. This number is over half of all global deliveries.
(Bloomberg) In the race to reduce carbon emissions, countries from the US to New Zealand are doling out incentives to spur electric-vehicle sales — tactics China used for years as it turned into the biggest EV market on Earth. Most Read from BloombergMassive US Oil Caverns Sit Empty and Will Take Years to RefillDollar’s Busted Bull Run Has Bears Calling End of an EraSingapore House Speaker Resigns in New Blow to Ruling PartyRussia Pulls the Plug on Ukraine Grain Export DealRussia Derails Dano
In the race to reduce carbon emissions, countries from the US to New Zealand are doling out incentives to spur electric-vehicle sales - tactics China used for years as it turned into the biggest EV market on Earth.