China's NEVs （New Energy Vehicles）sales account for over 64 pct of global total

[Beijingwalker]

China's NEVs （New Energy Vehicles）sales account for over 64 pct of global total​

Source: Xinhua

2023-12-08 20:44:00

This photo shows vehicles of Chinese electric car manufacturer NIO displayed at the 2023 World New Energy Vehicle Congress in Haikou, south China's Hainan Province, Dec. 7, 2023.

In the first three quarters of 2023, global sales of new energy vehicles (NEVs) reached 9.75 million units, with China contributing 6.28 million units, or more than 64 percent, according to data released at the 2023 World New Energy Vehicle Congress. (Xinhua/Xia Tian)

HAIKOU, Dec. 8 (Xinhua) -- In the first three quarters of 2023, global sales of new energy vehicles (NEVs) reached 9.75 million units, with China contributing 6.28 million units, or more than 64 percent, according to data released at the 2023 World New Energy Vehicle Congress.

The congress is being held in Haikou, the capital of south China's island province of Hainan, from Dec. 7 to 9.

The sales of NEVs in China constitute 29.8 percent of the country's total new car sales. As of the end of the third quarter of 2023, the cumulative global sales of NEVs are approximately 37.7 million units, with China accounting for about 60 percent.

"China has nurtured the world's largest consumer market for NEVs, established an efficient and collaborative industrial system, and injected powerful momentum into the global transformation of the auto industry," said Xin Guobin, vice minister of industry and information technology.

Regarding the potential of China's auto industry, Li Jun, an academician of the Chinese Academy of Engineering, believes there is still a growth space of about 200 million vehicles in China's auto market.

Li estimated that by around 2055, China's auto market will reach saturation with more than 500 million units. ■

This photo shows a Hyundai N Vision 74 concept hydrogen fuel cell vehicle displayed at the 2023 World New Energy Vehicle Congress in Haikou, south China's Hainan Province, Dec. 7, 2023.

In the first three quarters of 2023, global sales of new energy vehicles (NEVs) reached 9.75 million units, with China contributing 6.28 million units, or more than 64 percent, according to data released at the 2023 World New Energy Vehicle Congress. (Xinhua/Xia Tian)

This photo shows a MG Cyberster vehicle of China's car manufacturer SAIC displayed at the 2023 World New Energy Vehicle Congress in Haikou, south China's Hainan Province, Dec. 7, 2023.

In the first three quarters of 2023, global sales of new energy vehicles (NEVs) reached 9.75 million units, with China contributing 6.28 million units, or more than 64 percent, according to data released at the 2023 World New Energy Vehicle Congress.

China's NEVs sales account for over 64 pct of global total

China's NEVs sales account for over 64 pct of global total-

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[Beijingwalker]

 

[Beijingwalker]

US considers hiking China EV tariff above 25%​

STEPHEN EDELSTEIN
DECEMBER 22, 2023

The Biden administration is considering raising tariffs on Chinese EVs above 25%, The Wall Street Journal reported Thursday.

The administration has left in place Trump-era tariffs on roughly $300 billion of Chinese goods, but is now considering additional tariffs, according to the report, which cited anonymous sources familiar with the matter.

Chinese EVs are already subject to a 25% tariff, which comes on top of a 2.5% tariff on imported cars, The Wall Street Journal noted, adding that the current tariff has already largely blocked subsidized Chinese automakers from making inroads into the U.S. market.

Tariff increases for Chinese solar products and EV battery packs are also being considered, according to the report. This would follow restrictions on tax-credit qualification for EVs with Chinese battery components. Starting January 1, U.S. "foreign entity of concern" requirements will exclude a growing number of EVs from the tax credit due to Chinese content.

As The Wall Street Journal notes, increased trade restrictions would allow President Biden to appear tough on China in an election year. But high tariffs could also exclude affordable Chinese EVs from the U.S. market, slowing the rate of EV adoption and thus going against another Biden policy goal.

Chinese electric vehicles have elbowed in for a large part of the market in Europe. Only recently have governments stepped in with steeper restrictions on incentives for China-made models—France just this past week, for instance.

They're also strong in Mexico—where, recently, the Chinese automaker BYD started selling its Seal, one of the strongest rivals to the Tesla Model 3 yet—although it's potentially the cheaper models the Biden administration is a little more worried about.

Polestar continues to see the numbers work for "made-in-China" with its Polestar 2, although that's a more upscale vehicle. And Polestar has found a workaround to the tax-credit restrictions with South Korea assembly for its upcoming Polestar 4, as well as U.S. production for its Polestar 3.

Report: US considers hiking China EV tariff above 25%

Chinese EVs are already subject to a 25% tariff, which comes on top of a 2.5% tariff on imported cars. Is that keeping affordable EVs out?

www.greencarreports.com

 

[Beijingwalker]

China doesn't want trade wars but she is also not afraid of fighting one if being imposed on her.