China’s EV manufacturers still reliant on dominant domestic market
Despite solid growth and exciting potential, overseas markets still only account for a small portion of Chinese electric vehicle makers’ revenues.
JimMin
Despite solid growth and exciting potential, overseas markets still only account for a small portion of Chinese electric vehicle makers’ revenues.
March 12, 2024
China’s premier Li Qiang, who took the role around a year ago, delivered his first work report during China’s annual two sessions’ on March 5. One of the most prominent figures is the 2024 growth target of gross domestic product GDP set at 5%, after the country achieved 5.2% growth in 2023.
During Li’s one-hour speech, he referred to the “new three” growth drivers, which includes the manufacturing of electric vehicles EVs, lithium-ion batteries and solar cells as examples of China’s improving export trade.
Total export volume from the three sectors has grown by almost 30% in the past year, he revealed.
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