China continues to dominate the global electric vehicle (EV) market, accounting for over 50% of global EV sales in 2023. Leading domestic brands such as BYD, Seal, Dongfeng, Omoda, Smart, Xpeng, Zeekr (owned by Geely), MG, GAC, and Polestar (a Volvo-Geely joint venture) are spearheading this growth.
Notably, the Denza model, a joint venture between Mercedes-Benz (10% stake) and BYD, showcases the increasing collaboration between international and Chinese automakers. Cars manufactured by BYD cost approximately 30% less to assemble than comparable vehicles produced by Western companies, reflecting both manufacturing efficiency and scale.
China’s government has also played a significant role in boosting the EV sector, providing US$230 billion in support through subsidies and low-interest loans from state-owned banks. Combined with China’s position as the world’s largest automotive market — roughly the size of the U.S. and Europe combined — these factors have cemented the country as a global EV powerhouse.
For businesses involved in manufacturing, trade, or investment in EVs, China’s thriving market presents significant opportunities but also requires careful navigation of compliance, tax, and corporate governance frameworks.
At NS Global Consultants Pte. Ltd., we help companies and investors entering the EV ecosystem with corporate secretarial, bookkeeping, compilation, and tax services, ensuring regulatory compliance and smooth operations in one of the world’s most dynamic automotive markets.