Data from the China Passenger Car Association suggests that China's EV market accounted for a whopping 76% of global EV sales in October, indicating significant dominance.
With China accounting for 69% of the global EV and PHEV sales from January to October, and the U.S. less than 10%, the lead is evident.
Concerns about EV production overcapacity in China could spill over to global markets, particularly affecting the Global South where demand is rising.
Chinese automakers, including BYD and Geely, have rapidly advanced, establishing an overwhelming lead in the global shift towards electric vehicles.
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