For The First Time, Chinese EV Manufacturers Are Investing More Abroad Than Domestically

For the first time in 2024, Chinese carmakers invested more in EV technology outside China than within. This is primarily, but not exclusively, in batteries.

According to the Rhodium Group, which provided the figures, the 2024 situation was a significant deviation from the trend. In previous years, Chinese EV manufacturers invested significantly more domestically than internationally, with 80 percent or more of the investment in 2021 and 2022. In 2023, investments within and outside of China were already somewhat more balanced, and in 2024, for the first time “since records began,” investments outside of China exceeded those within.

These investments primarily involve battery technology. This sector accounts for 74 percent of foreign and 69 percent of domestic assets. However, the production of “Chinese” EVs outside China is also skyrocketing, the statisticians conclude. They also note that despite the shifting trend, a significant portion of the investment is still going to China itself. Only 15 percent of the announced battery and EV production takes place outside China, Rhodium concludes.

Read More: McLaren’s EVs May Use Tech From Chinese Brand Nio

Source: AutoJosh | Read Full Story…