Chinese electric cars are outselling their US counterparts due to their superior performance and affordability, according to a report by the Financial Times, citing Mathias Miedreich, CEO of Umicore, a global battery material producer based in Belgium.
Miedreich stated that Chinese vehicles are “simply good cars and people buy them,” highlighting their quality and appeal to consumers. He also noted that American producers “seem to struggle to bring good electric vehicles” to the market, indicating a disparity in product offerings.
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The report highlights the surging sales of electric cars in China compared to the relatively small market in the United States. Miedreich mentioned that US carmakers are scaling back factory expansion plans for electric vehicles due to weak demand.
China’s new energy vehicle market has experienced significant growth in recent years, driven by the country’s push for green development and a rapidly expanding auto market. In 2023, electric passenger cars accounted for 69 percent of the country’s sales, while plug-in hybrids made up 31 percent.
