Part 8/10:
Moreover, while the rest of the automotive world deliberated on its transition approach, Chinese companies capitalized on accelerating their pursuits. Western automakers, increasingly aware of the impending wave of EVs, faced systemic challenges, including residual infrastructures and existing stakeholder interests in combustion engine technologies.
This confluence of factors left China with a significant early-mover advantage that is evident in the staggering growth of domestic EV sales. For example, while the European market briefly experienced a decline in EV sales, China’s market witnessed a meteoric increase, maintaining consistent growth against a backdrop of international market fluctuations.