In 2024, China's annual production of new energy vehicles (NEVs) surpassed 10 million units, marking a significant growth in the sector.

During the first three quarters of 2024, China exported 928,000 NEVs, reflecting a 12.5 percent increase from the previous year, which highlights the global demand for Chinese-made green vehicles despite existing trade barriers.

In 2023, China became the largest global vehicle exporter, with over 1.2 million NEVs sold internationally, representing a remarkable year-on-year increase of 77.6 percent.

The surge in NEV production is partly due to Tesla's establishment of its Shanghai Gigafactory, which followed a 2018 policy change by President Xi Jinping that eased foreign equity restrictions in the automotive industry.

Tesla's Shanghai factory, the first wholly foreign-owned NEV manufacturing project in China, was built with a total investment of 50 billion yuan (approximately $6.91 billion) and has an annual capacity of 500,000 units.

At Tesla's Shanghai Gigafactory, a vehicle is produced every 30 seconds, with over half of Tesla's global production in 2023 originating from China, and 36 percent of those vehicles being exported.

Tesla's local sourcing strategy has led to over 95 percent of the parts used in its Shanghai factory being produced domestically, integrating more than 60 suppliers into its global supply chain.

The presence of Tesla has created a 'catfish effect,' motivating Chinese car manufacturers to boost their innovation and competitiveness.

Chinese NEV manufacturers are expanding their international footprint by establishing production facilities in countries such as Hungary, Spain, and Brazil to support global green transition efforts.

Chinese NEV brands are now recognized as leaders in sales, production, and technology, contributing to a new phase of high-quality development in the sector.

As of November 2024, China has implemented a revised negative list for foreign investment, reducing restrictions from 31 to 29, which signals its commitment to a higher level of economic opening and international cooperation.

Recent developments, including the inauguration of the Chancay Port in Peru, underscore China's dedication to global infrastructure projects and economic cooperation under the Belt and Road Initiative, promising significant job creation and revenue generation.

The article emphasizes that success in the global automotive market relies on win-win cooperation, highlighting that collaboration rather than exclusivity fosters progress.