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This rapid ascent in the EV market has allowed China to claim the title of the largest car market globally, with over 30 million vehicles sold in 2023—double that of the United States, which saw around 15 million sales. The growing international appetite for electric vehicles presents Chinese manufacturers with the opportunity to expand their reach, particularly in the expanding European market.
Exponential Growth in Exports
The pace at which Chinese EV exports have grown in recent years is nothing short of remarkable. Between 2018 and 2024, these exports increased by over 1,000%. In September 2024 alone, China exported over 154,000 electric vehicles, with 61,000 of those—nearly 40%—heading directly to the European Union (EU).