China, the world’s largest car market, is now a major automobile producer and exporter as well.
The Asian giant’s EV edge is thanks to its push for clean energy technology, including in the transportation sector.
“Having recognized the potential of electric vehicles 15 years ago, China has since invested vast resources in building a competitive electric vehicle ecosystem,” said Allianz in its report.
Chinese EV makers hold a competitive edge in “nearly all aspects” of the battery electric vehicle value chain, per Allianz.
Chinese electric vehicles, or EVs, are already being exported to Europe — the continent saw total EV sales reach a record 4.4 million units in 2022, accounting for nearly half of all new vehicle registrations in 2022, German financial services firm Allianz wrote in a May 9 report.
And now, industry experts tell Insider’s Nora Naughton and Tim Levin that affordable Chinese EV cars are set to arrive in the competitive American market.