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- China has led the world in production and sales of electric vehicles, helped by government subsidies.
- Chinese companies focused on reducing the cost of EV batteries over performance.
- A sluggish economy threatens to slow EV sales in China, and it may face action by the European Union.
There's been a clear winner in the global EV race so far: China.
The world's second-largest economy accounted for 64% of production volume in 2022, according to the World Economic Forum, aided by government subsidies and tax breaks.