China’s proportion in the global electric vehicle market grows to 76%.

A certain distance back, maybe a little more than ten years; from October, the global electric vehicle (EV) market reached a spectacular share of 76% as China showed the signal. Another point is that, in reality, it proves a tremendous demand within the Chinese consumers for electric vehicles as a result of increasing interest in sustainable transport.

Although Western tariffs may strike export numbers, China’s EV market is as vibrant as ever. From January to October this year, overall electric vehicle sales stand at 14.1 million, of which 69% is just within China. So, it is possible to say that the country is heading quite clearly toward strengthening its global posture in the electric vehicle market.

Last year, almost 60 percent of all new electric vehicle registrations were recorded in China, thereby underscoring the country’s predominance in that field. The electric vehicle sales markets worldwide would comprise China, the European Union, and the United States-with China leading the pack. Now, tariffs from Western markets are posing great challenges to the quick growth of the Chinese electric vehicle manufacturing industry-which was classified as one of the priority areas under the “new three” in the economic development initiative of China and green transition efforts, thus stressing the significance of this sector for the future development of the country.

To stimulate electric vehicle purchases, the Chinese government has recently made some steps to boost consumer incentives. Of course, most importantly, the subsidy for car buyers has been doubled to, and will be expected to further bolster the market. Such a good move for foreign firms like Tesla, an American auto maker headed by Elon Musk that enjoys growing sales as the appetite for electric cars rises.

More to the point, the millions of Chinese cars exported are also finding their way into Russia, where sales have increased sharply. In fact, over the last two years, exports to Russia have increased by as much as 109%: an indication of pretty robust demand for Chinese vehicles in this part of the world. Not forgetting, this further proves how the footprint of China’s auto industry is growing in a global context on account of trading and market dynamics.

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