New energy vehicles have become an important driver for China’s automobile industry growth

New energy vehicles have become an important growth point for China's automobile industry, and their export-driven role is obvious. China's new energy vehicle exports reached 1.203 million units in 2023, a year-on-year increase of 77.6%. In the fourth quarter of 2023, Chinese brand BYD became the world's largest pure electric vehicle manufacturer.

At present, China has formed large new energy vehicle industry clusters such as the Yangtze River Delta, Pearl River Delta, Chengdu and Chongqing, gathering more than 1,000 domestic and foreign companies, and established a structurally complete and organically coordinated new energy vehicle industry chain supply chain system. China has become the largest producer of drive motors across. China’s power battery patent applications account for 74% of the world’s total.

Six Chinese companies dominated the global top 10 in terms of power battery installed capacity in 2023, with their market share topping 60%.