The Strategist

CSIS: China has invested $230 bln in electric vehicle production since 2009

06/24/2024 - 03:16

The Chinese government has invested at least $231 billion in the establishment and growth of the country's electric car industry between 2009 and 2023.

Ivan Radic
Ivan Radic
This is reported in a study released by the Center for Strategic and International Studies (CSIS), a US-based organization.

Scott Kennedy, the director of CSIS's China Economy and Business Research Unit, estimates that this amounts to roughly 18.8% of all sales of electric vehicles during that time. 

The study's authors point out that China is assisting its own electric car industry in a number of ways, including by providing direct subsidies to producers, offering customers subsidies for electric cars, investing in associated infrastructure and development, etc.

in 2023, Chinese automakers sold more automobiles than American ones for the first time (13.4 million vs. 11.9 million). Levies on Chinese electric car imports have been sharply raised by the EU and the US in recent months; the increase was most pronounced in the US, where levies amounted to 100%. 

The Chinese government's generous subsidies to domestic businesses served as one of the reasons for these rulings.


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