As of October 2024, China has dramatically increased its share of the global electric vehicle (EV) market to 76%, up from 60% the previous year, according to the China Passenger Car Association.

From January to October 2024, China sold 14.1 million EVs, with a remarkable 69% of these sales occurring domestically.

To further stimulate domestic sales, China has doubled subsidies for EV purchases to 20,000 yuan ($2,750) for consumers trading in conventional vehicles.

Despite rising tariffs in the US and EU aimed at curbing Chinese EV competition, demand within China remains robust, supported by these government subsidies.

Western tariffs pose a significant threat to China's export potential, with the US implementing a 100% tariff on Chinese electric vehicles, a sharp increase from 25% earlier this year.

Additionally, the EU has proposed tariffs of up to 35% on Chinese EVs, compounding existing duties of 10%.

Cui Dongshu, secretary-general of the China Passenger Car Association, highlighted that Chinese carmakers are eager to export to Russia, especially following the exit of international competitors after the Ukraine invasion.

In fact, exports of Chinese cars to Russia have surged by 109% over the past two years, while exports to the US have declined by 23% due to ongoing political tensions.

In line with its export ambitions, BYD has commissioned a new 200-meter ship, the BYD Changzhou, capable of transporting up to 7,000 vehicles, signaling its focus on international markets.

Chinese companies, particularly BYD and CATL, are leading the charge in EV production, characterized as 'lean, mean production machines' that are reshaping the market.

BYD stands out as a major success story in the Chinese EV landscape, consistently introducing new models and creating a new segment of extended-range EVs to address consumer range anxiety.

As the competition intensifies, questions arise about how long Western markets can withstand the influx of affordable Chinese-made EVs.