Regional market sales shares were expected to be 60% in China, 22% in Western Europe, 11% in the US, and 6% in other regions.

With China’s subsidies gradually phasing out, the increasing market penetration of NEVs in the country and growing demand for EVs overseas, Chinese EV manufacturers are looking to expand internationally, particularly in Southeast Asia, where they are projected to hold a 67.5% market share in 2023.