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>> It's the world's top market for electric vehicles by a long shot, but big names like Nisan and Tesla aren't the reason why China sells more EVs than the rest of the world combined. Chinese drivers are flocking to dealerships selling local brands, which may have much shorter ranges, but they're vastly cheaper.
Take the Chery EQ, a battery-powered two door on sale at just $8,500, thanks to generous government subsidies, that knock off two-thirds of its retail cost. Buying an eco-friendly car, also makes it much easier to get a license plate in China, as officials come down harder on gas guzzlers in the war on pollution.
It's all good news from local manufacturers, but cracking this rapidly growing market isn't so easy for outsiders. Non-Chinese companies can only get in on joint ventures with Chinese partners. And even then, it's hard for them to compete with local producers on price. Still, big global names like GM are determined to make an impact on the Chinese market.
And they're throwing billions of dollars at making it happen. It's not just one-way traffic, either. Made in China brands like BYD are already making and selling EVs abroad and others are eager to follow suit.