Reported about 1 year ago
A report by the Center for Strategic and International Studies (CSIS) reveals that China has invested at least $230.8 billion over the past decade in developing the electric vehicle industry. This includes government support equivalent to 18.8% of electric vehicle sales from 2009 to 2023. Analysts point out that while China's support for the industry has decreased to just over 11% of sales in 2023, it still surpasses Western efforts. Despite advancements, China's electric vehicle market faces challenges like profitability despite extensive government support and market growth. The US government under the Biden administration has allocated $370 billion to promote clean technology, including significant incentives for electric vehicle purchases.
Source: YAHOO