China has spent $230.8 billion over more than a decade developing its electric vehicle industry, according to an analysis published Thursday by the US-based Center for Strategic and International Studies. He writes CNBC.
The amount of government support represents 18.8 percent of total electric vehicle sales between 2009 and 2023, Scott Kennedy, director of China trade and economic studies at CSIS, told CNBC.
Between 2017 and 2020, government support for the Chinese electric vehicle industry tripled, reaching a staggering $45 billion in both 2022 and 2023.
controlling the market
China is now the world's largest market for electric vehicles, accounting for 60% of global electric vehicle sales in 2023, according to the International Energy Agency — far ahead of rivals such as the United States and Japan.
Kennedy points out that China's support for electric vehicle manufacturers has included non-monetary contributions that favor domestic automakers over foreign companies. He also points out that the United States has not created attractive conditions such as those provided by China for the development of its own electric vehicle industry.
These results come at the same time that the European Union plans to impose customs duties on Chinese car imports as a result of production subsidies.
In May, the United States announced that it would increase tariffs on Chinese electric vehicle imports to 100 percent.
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