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Goldman Sachs Analyzes China’s EV Market Leaders Amid Fierce Competition
Goldman Sachs Analyzes China’s EV Market Leaders Amid Fierce Competition
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China's dominance as the world's largest automotive market continues unabated, with 26.88 million new car sales in 2022 and domestic production exceeding 31 million vehicles by 2023. Electric vehicles now drive this expansion, accounting for 28% of global auto sales this year. Government-backed adoption has spawned nearly 100 domestic EV manufacturers, with the sector projected to grow at an 18.4% CAGR through 2030.
The breakneck growth comes at a cost: brutal price wars and thinning margins have turned China's EV landscape into a gladiatorial arena. Goldman Sachs analyst Tina Hou highlights the investor dilemma—tremendous opportunity paired with escalating risk—as she evaluates contenders like Nio and XPeng for institutional portfolios.
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