China EV Makers Control The World
With each day that passes the global car industry becomes more anxious about China’s highly successful EV makers. China is by far the largest EV market in the world. There were 17.1 million EVs sold worldwide last year. Of these 11 million were sold in China.
*EVs Around The World
*Tesla Model 3 Tops Used Car List
The primary reason that the large Chinese EV companies do have higher sales is due primarily to tariffs erected by the US and EU.
The US tariff figure is 100%. Total EV sales in the US and Canada last year were 1.8 million. That is only 8% of all the new cars sold in the region.
China has mastered building EVs that are high quality and, in many cases, inexpensive. Some sell for less than $15,000 in China. Many have price points below $25,000. Industry experts believe wide EV adoption requires sub-$25,000 price points.
China’s Biggest Car Companies
At least six China EV companies are considered viable to sell cars outside their one country because of model line ups, car prices, and strong balance sheets. These include BYD, SAIC, Li Auto, Geely, NIO, and XPeng.
How does China work its way around tariffs? That is the one question that legacy car companies ask themselves every day. They can’t afford Chinese competition in any country.
Sponsor
Find a Vetted Financial Advisor
- Finding a fiduciary financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 financial advisors that serve your area in 5 minutes.
- Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. Get on the path toward achieving your financial goals!
