Chinese electric cars are rapidly getting cheaper. They are already half the price of European models with similar characteristics.
According to the profile publication "Chinese Cars" with reference to a study by Jato Dynamics, Chinese electric cars, whose prices have been declining in recent years, have become much cheaper than their European counterparts — in some cases twice.
Most of the Chinese manufacturers are aimed at the mass market, while they adapt previously released cars with internal combustion engines for electric motors. This allows you to effectively expand the audience. Over the past 10 years, the average cost of electric vehicles has almost halved (by 47%). However, if we take the segment of full-size cars, the average price has dropped by 2.75 times since 2011.
In China, small urban electric vehicles are leading in sales, which are chosen by 40% of buyers. Their average price is 6.7 thousand euros. The most popular model is the Wuling Hongguang Mini EV, recently Chery released a very similar car, which immediately topped the sales rating. In the first 9 months of 2021, sales growth of Chinese electric vehicles amounted to 190%. During the three quarters, 1.8 million electric vehicles were sold in China, which accounted for 12.4% of the total number of cars sold.
The electric car segment owes much of its success to the state. The main impetus for progress is the Minister of Science and Technology of the People's Republic of China, Wan Gang, who previously worked as an Audi engineer. Its main goal was to displace European cars from the market, as well as the fight against air pollution. Since 2009, China has been developing programs to reduce carbon dioxide in the atmosphere.
In addition, China allocates various subsidies to automobile companies. As a result, the production of electric vehicles has become stable and noticeably cheaper.