The Scale of China’s EV Dominance China now produces 8.5 million electric vehicles annually—65% of global output—yet domestic consumption absorbs only 5.7 million units (IEA, 2024). This leaves a staggering 2.8 million-vehicle surplus flooding global markets, equivalent to Europe’s entire EV production (BloombergNEF, 2024). The root lies in China’s industrial policy: $173 billion in direct subsidies since 2015 (CSIS, 2023), coupled with 94 registered EV […]