$LI China’s passenger car market retains huge volumes at 25+ million passenger cars sold every year, thanks to urbanization and population growth.
EV penetration in China’s auto market soars to 35% by 2030, thanks to robust government support, rising consumer demand, falling EV prices, improving EV tech and more diverse supply.
The premium vertical measures roughly 10% of the Chinese EV market, equivalent with the upper- and upper-middle-income’s population share in China.
Average sales prices on the cars hover around $50,000.
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