China EV Sales To Top Gas Cars In Amazing Move

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The sales of EVs in China will top gas-powered cars for the first time next year. China is the world’s largest car market by far, which makes the forecast even more staggering. For those who would like to see similar results in the US, they may not come about for a decade at the current pace.

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According to the FT, “While the pace of Chinese EV sales growth has eased from a post-pandemic frenzy, the forecasts suggest Beijing’s official target, set in 2020, for EVs to account for 50 per cent of car sales by 2035, will be achieved 10 years ahead of schedule.”

Part of the reason the US and UK lag behind is tariffs. Chinese has several financially viable EV makers. The US has only one–Tesla. Western European and US car companies have been hammered in their attempts to enter the market. Based on some calculations, Ford will lose $100,000 on every EV it sells in the US this year.

China EV Sales

Tariffs of as much as 100% will block the expansion of EVs in the US market. In most cases, Chinese EVs are less expensive than those made in America. These lower-priced EVs would speed up adoption. The average price of an EV in the US is $55,000. The average price of a gas-powered car is $45,000. By contrast, the Chinese have many EVs that sell for less than $25,000.

Price is certainly the key to EV adoption. Europe and the US have boxed themselves out of the game.