China is the world's largest car market and is now also the world's largest EV market
EV sales in the country in 2023 hit 9.4 million and is expected to reach 11 million in 2024
In comparison, reports suggest 1.2 million EVs were sold in the US, a record in its own right
A number of local and global car manufacturers compete for space in the Chinese EV market
While the number of options for Chinese customers is huge, there are also several incentives to make purchases more affordable
The Chinese government has also been focusing on improving infrastructure for EVs and recently put the spotlight on rural areas
The EV penetration in China is at around 33 per cent at present. This is likely to rise to around 45 per cent by 2030
Some of the key local players are BYD, NIO and Xpeng while global brands like Tesla and Volkswagen are also eyeing a larger share
The first Tesla plant outside of the US opened in 2019 in Shanghai. The company has rolled out price cuts to woo more buyers here