Reported 8 months ago
According to the International Energy Agency, six out of the top 10 electric car manufacturers in the U.S. experienced over 50% growth in the first quarter of 2024, with U.S. electric car sales projected to reach 2.5 million by 2025. A survey revealed that 76% of Americans under 40 are open to buying Chinese electric cars. The market for electric cars continues to trend upward globally, with a 20% growth expected this year, albeit lower than the 46% growth seen in the U.S. in 2023. While the U.S. electric car market showed a slowdown in sales in the first quarter of 2024, the scale economy remains crucial for manufacturers. Tesla's lack of new models and Ford's delayed expansion plans have led to rising demand for electric cars, particularly from companies like Hyundai, BMW, and Kia. As the electric car industry expands rapidly, concerns arise over potential oversupply in China, with an estimated excess capacity of nearly 20 million vehicles. Despite the interest in Chinese electric cars, apprehensions about data sharing and privacy persist among buyers, who are more inclined to purchase locally manufactured vehicles in the U.S. The mature development and competitive advantages of Chinese electric cars are making waves globally, challenging traditional automakers and potentially intensifying price wars. As China's electric vehicle market faces challenges with oversupply and protective tariffs from the EU, companies like Hyundai are highlighting their competitive pricing and emphasizing the importance of battery technology in the long run.
Source: YAHOO