China’s ZEV Industry Invests More Abroad Than at Home for First Time

News Analysis
China’s zero-emission vehicle (ZEV) industry is accelerating its overseas investment push amid overcapacity at home, thin profit margins, and growing regulations in its largest overseas market, Europe.
According to data compiled from China Cross Border Monitor (CBM) and Global Clean Investment Monitor (GCIM), in 2024, Chinese ZEV firms invested more funds abroad than at home to expand their operations—the first such shift.
These overseas investment projects are usually replicas of domestic projects, but they are smaller in scale and concentrated in battery production, with BYD leading this trend, followed by CATL and Geely.
ZEV production remains at home, but there are signs that overseas production may follow suit. On Jan. 31, 2024, BYD announced plans to construct a new energy vehicle (NEV)—China’s term for ZEVs—production facility in Szeged, Hungary. A couple of months later, it unveiled a $1 billion project to build a plant in Manisa, Turkey, with a capacity for 150,000 battery and plug-in hybrid vehicles…. 

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