| China's dominance in the electric vehicle (EV) market is underscored by its impressive growth, outpacing traditional automotive leaders like Germany and Japan. In 2023, China experienced an 82% surge in new EV sales, capturing nearly 60% of global EV purchases, surpassing early adopters like the U.S., Norway, and Scandinavian nations. The International Energy Agency notes that over half of the world's electric cars are now found in China, with the nation accounting for 35% of global EV exports in 2023. Two key Chinese automakers, BYD and Geely, stealthily emerged as EV giants by employing innovative strategies in adjacent industries, focusing on operational solutions, and doubling down on core technology.
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