China's Cheap EVs Redraw the Map of Where Cars Get Made [Financial Post (Toronto, Ontario, Canada)]
Stellantis N.V. Common Shares (STLA)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — China is set to change the map of global automaking by stepping up electric-car exports that will intensify mass-market competition, according to the International Energy Agency. Companies like BYD Co. and SAIC Motor Corp.-owned MG produced more than half of all electric cars sold last year, the IEA said in its annual electric vehicle outlook report. And with more than 60% of EVs sold in China already cheaper to buy than equivalent combustion-engine models, manufacturers are well-placed to win market share, the agency said. Article content Article content “Chinese companies, which are also setting up production facilities abroad, have already seen strong sales of more affordable models launched in 2022 and 2023 in overseas markets,” the IEA said. “This highlights that the composition of the main EV-producing economies is diverging considerably f
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