The country is crushing its global competition in the transportation sector, too. Battery electric vehicles (BEVs) will make up about two-thirds of China’s passenger car sales by 2034 and that percentage grows to 89% if hybrid electric vehicles are included.
BEVs are projected to grow by 8% annually through 2030, while sales of internal combustion engine (ICE) vehicles are expected to decline by 11% each year, according to the consulting company.
“This extraordinary growth of the Chinese EV auto industry is transforming the domestic market and flowing through to the global market,” Forbes-Cable writes.
EU duties on Chinese EVs
China’s growing market share of Europe’s EV market has been a flashpoint in trade relations between Brussels and Beijing. In October, the European Commission, which oversees European Union trade policy, increased tariffs on Chinese-built EVs to as much as 45.3%. The tariffs range…
