According to the specialized publication “Chinese Cars” with reference to a study by Jato Dynamics, Chinese electric vehicles, the prices of which have been declining in recent years, have become much cheaper than their European counterparts – in some cases by half.
Most of the Chinese manufacturers are targeting the mass market, while they are adapting previously released ICE cars for electric motors. This allows you to effectively expand your audience. Over the past 10 years, the average cost of electric vehicles has almost halved (by 47%). However, if we take the segment of full-size cars, the average price since 2011 has dropped by 2.75 times.
In China, small city electric vehicles are the leading sales force, chosen by 40% of buyers. Their average price is 6.7 thousand euros. The most popular model is the Wuling Hongguang Mini EV, recently Chery released a very similar car that immediately topped the sales rankings. In the first 9 months of 2021, sales of Chinese electric vehicles grew by 190%. For three quarters, 1.8 million electric vehicles were sold in the PRC, which accounted for 12.4% of the total number of cars sold.
The electric car segment owes much of its success to the government. The main impetus to progress is the Minister of Science and Technology of the People’s Republic of China Wan Gang, who previously worked as an engineer at Audi. Its main goal was to oust European cars from the market, as well as to fight air pollution. Since 2009, China has developed programs to reduce atmospheric carbon dioxide.
In addition, China provides a variety of subsidies to car companies. As a result, the production of electric vehicles has become stable and significantly cheaper.
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
