Mathias Miedreich, CEO of global battery materials giant Umicore, recently said that compared with American cars, China's electric vehicles have more advantages in terms of performance and **. In the U.S. market, sales of electric cars in China are growing significantly, while the electric car business of local cars is facing difficulties.
Specifically, the advantages of China's electric vehicles are reflected in the following aspects:
Better performance:China's electric vehicles have fully caught up with local American brands in terms of mileage, charging speed, and intelligence.
**Affordable:: The average Chinese EV is 20%-30% lower than that of local US brands.
Specific data:
In 2023, sales of electric vehicles (plug-in hybrids) in the U.S. market increased by 58% year-on-year to 1.5 million units, but only accounted for 96%。
In 2022, Chinese automakers sold 6.8 million electric vehicles, including 5.3 million pure electric vehicles and 1.5 million plug-in hybrids, according to the China Association.
By contrast, according to Cox Automotive, U.S. consumers bought just over 800,000 BEVs in 2022 – about 15% of total BEV sales in China.
Future Trends:
It is expected that the sales of Chinese electric vehicles in the U.S. market will continue to grow rapidly.
Chinese electric vehicles will compete fiercely with local American brands on a global scale.
U.S. automakers face several challenges in the EV space, including weak demand, high costs, and a preference for larger models. However, with technological advancements and market changes, the penetration rate of electric vehicles is still gradually increasing.
Here are some of the Chinese EV brands faring in the U.S. market:
NIO (NIO):NIO is one of the leading electric vehicle manufacturers in China. While NIO has performed well in the Chinese market, it has yet to achieve large-scale success in the U.S. market. Nio rented office buildings in Silicon Valley last year and plans to expand into the United States in 2025.
BYD (BYD):BYD is one of the largest producers of electric vehicles in China. They have a factory in Los Angeles and mainly produce electric buses and trucks. Although BYD has already carried out research in the United States, its popularity in the American market still needs to be improved.
zeekr：Geely's Zeekr brand plans to sell all-electric sedans and sports and leisure vehicles in the Netherlands and Sweden. Although it has not yet entered the U.S. market on a large scale, the presence of Zeekr shows Geely's interest in the international market.
It is important to note that while Chinese electric vehicles have an advantage in terms of cost performance, entering the U.S. market still faces challenges due to political and social factors. U.S. consumers' acceptance of Chinese brands, as well as geopolitical tensions, can affect the growth of these brands.