China has reportedly invested at least $230 billion in the research and development of electric vehicles (EVs), according to new research from the Center for Strategic and International Studies (CSIS).
China, now a global leader in the development and sale of EVs, has established itself as a hub for EV innovation with a whole host of established brands and EV start-ups selling their vehicles across several global markets. The reportedly ‘conservative’ estimate is based on five key areas: rebate programmes, sales tax exemption, infrastructure subsidies, research and development, and government procurement. The sales tax exemption made up over half of the estimate alone, while the rebate programmes also contributed over 25% of the total.
The report is based on a 14-year period – stretching from 2009 to 2023 – and shows a considerable increase in investment since 2021. However, concerns from the European Union and U.S over increased exports from Chinese EV producers are set to lead to new tariffs to protect domestic carmakers.
As global carmakers produce the EVs of the future, Contechs is integrated into several OEMs to support the design and engineering of a range of global vehicle programmes.
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