China breaks a historic record as more than 50% of its population opts for electric vehicles (EVs) or hybrids, according to data from the China Passenger Car Association. Data from the report suggests that EVs and hybrids accounted for 51% of new passenger cars sold in China in July. As the world’s largest automobile marketplace, China’s strategic investments in the global EV revolution have finally borne fruit.
Recently, the Chinese government has bolstered its support for the alternative energy industry through constant “subsidies and favorable policies.” One such policy allows EVs and hybrids complete access to public roads in mainstream Chinese cities and restricts access to gas-powered vehicles on select days of the week. China’s Western rival, the US, is yet to cement this level of mass adoption among its population.
China’s edge on the new energy global market is a testament to its strategic investments in the sector and rearrangement of its existing skilled workforce. AlixPartner’s recent Electric Vehicle Consumer Sentiment survey highlights 97% of 1000 respondents are more inclined to purchasing an EV as their next car in China, compared to 43% in Europe and 35% in the US. Despite the US’ stringent restrictions on Chinese EVs and hybrids entering their domestic markets, the PRC has emerged as the global leader in the EV trade, primarily due to its energy-conscious population. China’s undeniable price advantage in the global EV trade has gained the attention of American and European customers, despite regulatory restrictions on their sale in these regions. According to the AlixPartner’s survey, Chinese EVs sell for upwards of $34,400 in China, which is drastically lower than the $55,244 average sold in the US.
In addition to price, China’s philosophy on EV design and manufacturing has allowed it to maintain its rank in the global EV market. Unlike their American counterparts, Chinese EVs focus more on “appealing to drivers’ immediate senses” instead of “features buyers can’t readily see—such as ride, handling, or vibration”—found in all American EVs.
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