China's electric vehicle market is fiercely competitive 9 companies rank among the top 20 in the world

According to South Korea’s “Central Daily News” reported on September 29, the result is that the policies implemented by the Chinese government have affected the development of BYD. However, this is not the whole reason. Review how the Chinese government is promoting the electric vehicle industry. First, while providing a large amount of subsidies to manufacturing companies, they have guided automobile manufacturers to compete. Many Chinese companies have mushroomed into the electric vehicle market during this period.

The next step is to reduce subsidies and implement a policy to strengthen the competitiveness of electric vehicles, so that consumers can choose electric vehicles to replace traditional cars. The central government provides subsidies to consumers who purchase electric vehicles. The local government also adopts support methods such as charging fees. The longer the mileage, the more subsidies are provided.

As a result, companies that enter the electric vehicle market face an environment that will be eliminated without consumer approval. In order to survive in the fierce competition, innovation must be made to improve vehicle performance and efficiency.

In the end, BYD became the world's number one manufacturer, which was mainly due to China's fierce competition ecosystem. This means that competition among enterprises gives consumers more choices, and BYD, which is the most recognized by consumers in China, is equivalent to the recognition of the world market.

In fact, there are many electric vehicle manufacturers in China other than BYD. Among the 20 companies with the largest sales volume in the first half of this year, Chinese companies accounted for 9 (45%). Despite being behind the world's number one BYD (43.244 million units), China's BAIC (14.584 million units) also sold more than the US General Motors (12.947 million units) known for producing electric vehicles "Volanda". Jianghuai (9720 vehicles), Roewe (9231 vehicles), Zotye (7863 vehicles) and other companies that sold thousands of electric vehicles in the first half of the year are everywhere.

On the contrary, according to the Korea Automobile Industry Association, South Korea sold only 745 electric vehicles during the same period. Jin Bixiu, president of the Korea Electric Vehicle Association, suggested that "China began to cultivate the electric vehicle industry from the policy in the late 1900s. On the contrary, the policies of various Korean departments were not unified, and the electric vehicle industry failed to develop." It is necessary to build a pan-government-wide command tower."