China's rise in the EV market

China has become the largest producer and global market for electric vehicles due to its comprehensive industrial strategy, which began over two decades ago and included financial support, tax exemptions, investments in research and development, and the development of charging infrastructure. Its control extends across all stages of the supply chain, especially in battery manufacturing, where it accounted for over 80% of global battery cell production by 2025. The battery sector dominates the raw materials essential for batteries, with companies like CATL and BYD excelling in the international market. Mass production and declining battery costs, which dropped by 30% in 2024, have contributed to lowering vehicle prices and increasing their global competitiveness. Chinese companies have also integrated digital technology and artificial intelligence into their vehicles, strengthening their capacity for innovation and international expansion, despite customs challenges and Western competition.

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