Over 75% of EVs sold globally are Chinese
What's the story
Chinese electric vehicle (EV) manufacturers now dominate the global EV and plug-in hybrid (PHEV) market with a whopping 76% share, recent data from Rho Motion has revealed.
The massive market share is largely due to their aggressive expansion strategies into new territories.
The effects of these strategies are particularly visible in less developed markets around the world, where Chinese brands have made huge gains.
European expansion
Chinese EVs make inroads into European market
In Europe, the Chinese EV brands' market share differs from country to country.
In Germany, Europe's biggest car market, they made up for about 4% of the 578,000 EVs sold last year.
The numbers are a little higher in the UK and France, where Chinese manufacturers took 7% and 5% of total EV sales, respectively.
In other European countries, their shares vary from 3% to 8%.
Global dominance
Gaining significant market share outside Europe
Chinese EV manufacturers have also penetrated markets beyond Europe.
In Brazil, a whopping 82% of all EVs and PHEVs sold last year were Chinese.
They also have a major share in Thailand (77%), Mexico (70%), Indonesia (75%), Malaysia (52%), Nepal (74%), and Israel (64%).
In Australia and New Zealand, Chinese brands make up 26% and 15% of sales, respectively.
Success factors
Factors contributing to Chinese EVs's global market dominance
The success of Chinese EV brands can also be attributed to the absence of a strong local car industry in many countries, making it easier for them to dominate the market.
China's electric vehicle industry has also been heavily funded by the government. Between 2009 and 2023, the Chinese government provided at least $231 billion in subsidies and aid.
This massive financial support has allowed Chinese EVs and PHEVs to be priced more competitively than those from traditional automakers.