In 2022, global sales were dominated by three major markets. China led the rankings with a 59% share, followed by the European Union at 25%, North America at 11%, with the remaining portion being accounted for by the rest of the world.
Government heavy investments, such as those in China, have propelled the nation into a dominant position, not only in manufacturing but also in sales within their domestic market and globally. There is a necessity to lower electric vehicle prices beyond China's borders to make them accessible to a larger population, ultimately leading to a more environmentally sustainable world.
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