Counterpoint Research: By the first half of 2024, China's share of the global passenger electric vehicle market will exceed 60%.

According to the Global Electric Vehicle (EV) Model Sales Tracking Report for the third quarter of 2024 released by Counterpoint Research, China's share of the global passenger electric vehicle market surpassed 60% by the first half of 2024. The leading position of Chinese automakers in the electric vehicle field is attributed to several key factors: supportive government policies, modular development approach, localized automobile supply chain, and an entrepreneurial-driven work culture. Advanced technology, manufacturing automation, and the ability to offer feature-rich and competitive priced vehicles give Chinese automakers an advantage in global expansion. With the rapid growth of the Chinese electric vehicle market, Chinese automakers are leveraging advanced technology to expedite car development. At a recent meeting, Tesla CEO Elon Musk acknowledged that Chinese automakers are the company's strongest competitors and warned that without "trade or tariff barriers," some traditional automakers may be forced out of the market. To cope with competitive pressure, Volkswagen has established a partnership with Chinese electric vehicle startup Xiaopeng Motors to shorten the time to market by 30%; meanwhile, Stellantis has teamed up with NIO to produce electric vehicles more efficiently with cost advantages. Favorable government policies, localization of the automobile supply chain, modular development approach, OEM vertical integration efforts, and entrepreneurial culture have helped Chinese automakers introduce more models with the latest features at more affordable prices, such as L2+ autonomous driving, digital cockpits, 5G connectivity, and longer driving ranges. The sheer number of models introduced by Chinese automakers is reminiscent of how Chinese smartphone manufacturers have established global market positions through renowned brands. With the continuous development of automotive technology and evolving consumer demands, the lifecycle of vehicles is shortening, leading to a constant increase in the number of models launched in China each year. The number of models in the European market is also increasing, with the penetration rate of Chinese brands in the region continuing to rise. Counterpoint Research found that nearly one-third of the new models introduced in Europe in the first half of 2024 were from Chinese brands.