GLOBAL SITE

China's EV Market New Driving Force for Global Automobile Industry

CGTN 2023-03-01

The automobile industry has a total scale of more than $29 trillion and is the second-largest consumer industry in the world after food.

However, COVID-19 brought bad news to the industry; global car sales experienced an unprecedented 16 percent decline in 2020 compared to the previous year. The decline was driven by manufacturing disability, supply chain disruptions and reduced demand for new vehicles.

However, China provides a new driving force for the world's automobile industry as the biggest global electric vehicle (EV) sales market. In 2022, China's sales of new energy vehicles reached 6.8 million, accounting for 63 percent of total global sales.

The increased demand for EVs has led to a global surge in production and sales, providing a new driving force for growth in the automobile industry. CGTN's Rachel Zhou visited one of China's biggest EV factories, Great Wall Motor, in Baoding City, north China's Hebei Province to show you more.

DOWNLOAD
DOWNLOAD