The International Energy Agency stated that China is preparing to change the landscape of the global automotive industry by increasing its exports of electric vehicles, which will intensify competition in the global market.

Bloomberg news agency reported that a report from the agency indicated that Chinese automotive companies such as BYD and MG, owned by SAIC Motor Corp, produced more than half of the electric vehicles sold worldwide last year. It added that given that 60% of electric vehicles sold in China last year were cheaper than their internal combustion engine counterparts, this means that Chinese companies are well-positioned to increase their share of the global electric vehicle market.

The International Energy Agency stated in its annual report on electric vehicles worldwide that "Chinese companies, which are establishing factories abroad, expect strong growth in sales of their lower-priced cars launched in foreign markets in 2022 and 2023.. This shows that the economies of producing electric vehicles differ significantly from the economies of traditional automotive manufacturing."

It is noteworthy that Chinese car exports increased by 60% annually last year, making it the largest car exporting country in the world, surpassing both Japan and Germany by more than 4 million cars.

China's exports of electric vehicles last year reached 1.2 million cars, an increase of 80% over the previous year, thanks to a boost in sales primarily in Europe and Asia.

The increase in Chinese electric vehicle exports has raised concerns among major European car manufacturers such as Volkswagen, Renault, and Stellantis.

Last September, the European Union began an investigation into Chinese government support for domestic car companies and its impact on fair competition with European companies, which could lead to anti-dumping duties on Chinese electric vehicle exports to the EU, which consists of 27 countries.