Overview

• Chinese automaker BYD has overtaken Tesla as the world's largest electric vehicle (EV) maker, with deliveries soaring 61.9% year on year to 3.02 million in 2023.
• China has become the world's largest car exporter, with more than 3.8 million vehicles exported in 2023, a 62% increase from the previous year.
• Volkswagen and General Motors are losing ground in China's car market to local EV makers, with GM's deliveries on the mainland falling 8.7% to 2.1 million units last year.
• China's EV market is booming, with the government looking at using EVs as a power source for its electrical grid. A recent 'reverse charging' trial provided enough electricity to power 133 households for a day.
• Despite the growth in EV sales, many consumers are still hesitant due to concerns about the vehicles' range, high prices, insufficient financial incentives, and too few choices.