China's EV giants go global, but it's no smooth ride
For the first time ever, China's electric vehicle (EV) industry spent more on overseas projects than within China—$16 billion abroad versus $15 billion at home in 2024.
With the local market getting crowded and profits squeezed, Chinese EV companies are looking beyond their borders for growth.
To dodge US and European tariffs, brands like CATL are
To dodge US and European tariffs, brands like CATL are building factories overseas, aiming to supply big names like Tesla and BMW.
But going global isn't easy: only about a quarter of these foreign projects actually get completed, thanks to higher costs, red tape, and geopolitical headaches (like BYD's delayed Mexico plant).
Back in China, things move faster since projects are initiated sooner—yet despite the hurdles abroad, expanding worldwide is still top priority for these companies.