Manufacturers of Chinese automobiles have emerged as leaders in the global market for electric vehicles after being previously known primarily as producers of copied cars. This transition for a country striving to become a technological superpower in various industrial sectors is seen as significant. Last year, the Chinese company 'BYD' surpassed the American 'Tesla' with its hybrid and electric vehicles, as well as the German group Volkswagen in the Chinese market, becoming the largest manufacturer of passenger cars at the local level.
Chinese consumers now prefer to buy cars from local companies, shifting their perception of local brands as premium. By the beginning of 2023, China controlled over 60% of the global market for rapidly growing electric vehicles, according to the analytical company 'Rhodium Group'.
Competition in the technological sphere continues in China, where local automobile companies compete for leadership in technology, value, and cost. In March, 'BYD' launched a battery capable of being charged in just five minutes and providing a range of up to 250 miles. Very soon 'CATL', the Chinese giant in battery production, surpassed 'BYD', claiming that it could offer a battery with a range of up to 320 miles.
The relative security for electric vehicle manufacturers in China allows them to look towards other markets in search of growth after the introduction of the administration of the current U.S. President Joe Biden's heavy tariffs and other restrictions on their vehicles. At the same time, former President Donald Trump applied all efforts to revive the American automobile industry, somewhat symbolizing a pivot of the U.S. towards increasing Chinese dominance in the field of electric vehicles, representing a potential power and opportunity for displacing its place in global trade and technologies.
