According to a recent report by Counterpoint, the global sales of passenger electric vehicles (EVs), which include both battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), saw an 18% year-over-year increase in the first quarter of 2024. Pure electric vehicle sales grew by 7%, while plug-in hybrid vehicle sales surged by 46%.

China continues to dominate the global EV market, followed by the United States and Europe. In the first quarter of 2024, China's EV sales increased by a substantial 28% year-over-year, whereas the United States saw a modest 2% increase. Despite overall growth in the U.S. market, pure electric vehicle sales declined by 3%.

Leading EV manufacturers like Tesla and BYD have successfully reduced the manufacturing costs of pure electric vehicles, enabling them to offer competitive pricing.

This cost reduction has placed significant pressure on traditional automakers such as Ford and General Motors, which are still struggling...

In 2023, China's electric vehicle (EV) industry achieved a remarkable milestone, firmly establishing itself as a dominant force in the global EV market.

According to the World Trade Organization (WTO), by the end of 2023, pure electric vehicles (BEVs) from China constituted a quarter of the global EV exports. This significant shift not only underscores China's central role in the electric revolution but also highlights the rapid evolution of the global automotive landscape.

A Rapid Ascent: China's EV Export Boom

A mere six years ago, in 2017, electric vehicles accounted for less than 5% of global automotive imports. Fast forward to 2023, and electric vehicles now represent over a third of the total global car imports, with pure electric models leading the charge.

This meteoric rise reflects a significant transformation in consumer preferences and technological advancements, propelling China to the forefront of EV exports.

"The growth rate might have slowed, but th...