The competitive landscape is shifting as electric vehicles (EVs) become a more affordable option due to intense price competition and advancements in battery technology.
Tesla’s Model 3 and BYD’s Dolphin, for instance, have become more cost-effective alternatives compared to their gasoline-powered counterparts.
The impact on the EV market is even more striking considering Beijing’s initial target of electrifying 25% of the market by 2025.
As EVs become more accessible to consumers and battery costs continue to decline. China’s auto market is a harbinger of the global transition to electrified transport.