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Anatomy of the EV Market

Xinmin Weekly April 24, 2023

By NewsChina Updated Jul.1

The 20th Shanghai International Automobile Industry Exhibition held in April was a showcase for the exponential growth of electric vehicles (EV) in China over the past three years, when Chinese manufacturers have taken up one quarter of the global market share. But a reshuffle is approaching. The market for new domestic EV brands, some of which were absent from the exhibition due to economic losses, fell by 6.6 percent year-on-year in March, signaling an endangered future. The canceling of State subsidies and discounted Tesla sales since early 2023 have caused price drops throughout the domestic market. Lower-tier cities are no longer sanctuaries for domestic brands like BYD and critical technologies like chips, batteries and vehicle control units remain weak links.