【英文】德国智库报告：中国电动汽车制造商瞄准欧洲（24页）

China is the leading EV market: Aided by substantial state support, China has become  the biggest EV market (see exhibit 3). Chinese EV makers have leapfrogged entrenched  carmakers to become frontrunners with internationally competitive products, including  in luxury segments. Internationally successful Chinese battery makers like CATL serve as  a role model for Chinese EV makers.  Slowing domestic growth: China’s economic growth has stalled in recent years, which  has slackened the dramatic growth rates in its domestic automotive market too. Between  2009-2016, China’s carmakers had little incentive to export as domestic growth ofered  ample returns. However, as demand for EVs is increasing rapidly in other economies,  China-based carmakers have an economic incentive to expand globally.   

Domestic overcapacity: China’s automotive and EV sectors already sufer from serious  overcapacity, yet newcomers continue to enter the feld, including tech companies like  Baidu and conglomerates like Evergrande. The result is fragmentation and increasing  overcapacity. In 2020, 89 Chinese EV-producers averaged sales of only 15,000 units3,  while China’s vehicle capacity utilization rate has been falling – to 48.5 percent in 2020 –  which puts pressure on EV makers to export to achieve economies of scale.   National champion status: Chinese carmakers are eager to export to become the next  national champion. In the rail sector, where China also wants to compete globally, the  government has forced major SOEs to merge to give CRRC a competitive edge due to sheer  size. A similar consolidation will occur in the EV sector once government subsidies end,  so successful exports could give Chinese EV makers a chance to stand out.