China's new energy vehicle industry 'global flowering'

According to EVTank data, the global sales of new energy vehicles in 2023 reached 14.653 million, of which China's new energy vehicle sales accounted for 65 per cent of the world.

With the strong support of China's industrial policy, China's new energy vehicles have made remarkable progress in the core industrial chain links such as vehicle manufacturing, battery technology, and autonomous driving, and have achieved catch-up and transcendence on a global scale.

At present, China's new energy vehicle enterprises mainly rely on China's foreign trade exports and China's overseas investment to build factories and sales to develop the global business of new energy vehicles.

In addition, China's new energy auto parts enterprises and vehicles are forming a concomitant joint sea effect. In order to achieve win-win development, China's auto parts enterprises support vehicle enterprises in the global rapid realisation of localised supply chain construction at the same time, with the help of orders transferred from vehicle enterprises in the early stage of the formation of scale, to promote parts products in the construction of local reputation and cost advantages.

According to South Korea's SNEResearch statistics, in 2023, the market share of six Chinese enterprises, Ningde Times, BYD, Zhongchuang Airlines, Guoxun High-tech, Xinwang Da and Yiwei Lithium Energy accounted for 63.5 per cent of the global market share. China's power battery exports maintain rapid growth, in 2023, China's lithium battery exports of nearly 65 billion US dollars, an increase of 28 per cent, a record high.

The take-off of China's new energy vehicle development is not only in line with the global environmental needs of energy conservation and emission reduction but also in line with future development prospects.

New energy vehicles are one of the important pillar industries in China and are gradually becoming the "leader" of the global industry, which will effectively enhance the high-quality development of China's manufacturing industry.