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3 Drivers of China’s Booming Electric Vehicle Market [1]

['Chengyi Lin', 'Is Affiliate Professor Of Strategy', 'A Leading Expert On Digital Transformation At Insead. His Research', 'Teaching Explore The Strategic Impacts Of Digital Technologies', 'Such As Ai', 'Drivers Of Innovation For Global', 'Multinational Organizations.']

Date: 2024-01-03

Summary .

More than half of the electric vehicles (EVs) on roads worldwide are found in China. In 2022, new EV sales in China grew by 82%, and the country provided 35% of global EV exports. While the U.S., Norway, and other Scandinavian nations were early adopters of EVs, and Germany and Japan have long been automotive powerhouses, their EV markets have lagged in mass market adoption compared to China. How did China get to this point? What can companies looking to scale up their innovations learn from their approach? This article outlines three key reasons for the growth of China’s EV sector: experimenting in adjacent industries, encouraging operational solutions, and doubling down on core technology.

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[1] Url: https://hbr.org/2024/01/3-drivers-of-chinas-booming-electric-vehicle-market

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