powerballestimatedjackpottoday| New WTO study: A huge shift in global electric vehicle import data means

WTOPowerballestimatedjackpottodayThe article says electric vehicles are fundamentally changing the transportation industry, redefining the car market and reshaping the global transport equipment trade.

The World Trade Organization (WTO) released its latest blog post on the 14th local time, saying that electric vehicles (EV) are fundamentally changing the transport industry, redefining the car market, and reshaping the global transport equipment trade.

According to the WTO article, electric vehicles accounted for more than 1/3 of global car imports by value by the end of 2023.

WTO has observed a sharp increase in sales of all types of electric vehicles in recent years, including hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV) and battery electric vehicles (BEV).

Great changes have taken place in the types of vehicles

Import data from 2017 to 2023 show a big shift in electric vehicles as a whole, according to WTO estimates. At first, hybrids, plug-in hybrids and battery electric vehicles accounted for a small proportion of total vehicle imports, about 2. 5% respectivelyPowerballestimatedjackpottoday.5%, 0Powerballestimatedjackpottoday.8% and 1%. Since then, however, the trade in electric vehicles has grown significantly.

Among them, hybrid vehicles and plug-in hybrid vehicles continue to grow. The growth of hybrid cars is more active after 2020. The growth rate of battery electric vehicles is the fastest, and the import share has increased sharply after 2020, which is close to that of hybrid vehicles, indicating that electric vehicles are turning to all-electric vehicles.

By the end of 2023, electric vehicles will account for more than 1/3 of global car imports by value. Although the growth rate appears to have slowed in 2023, the clear upward trend in electric vehicles, especially battery electric vehicles, marks a major change in demand and may herald the future direction of the global auto industry.

WTO wrote in the article that by 2023, the United States had become one of the major importers of electric vehicles in the world, with imports of batteries, hybrids and plug-in hybrid electric vehicles reaching 19 billion US dollars, nearly 17.8 billion US dollars and 6.9 billion US dollars respectively, accounting for more than 1/5 of total US car imports, indicating that electric vehicles are increasingly widely used.

Imports of electric vehicles have also risen sharply in some European countries and South Korea. In Europe, especially in Belgium, the Netherlands, Sweden and Switzerland, imports of electric vehicles have exceeded those of conventional internal combustion engines and reached a tipping point.

At the same time, according to WTO's article, the type of electric vehicle export has changed dramatically.

In 2017, Germany and Japan were the largest exporters of passenger cars, with a tiny proportion of electric vehicles being exported. By 2023, about 1/3 of the cars exported by these countries will be electric. Japan has become the world's largest exporter of hybrid cars.

In 2023, China has become a major exporter of passenger cars, of which about 1.8 million (about 1/3) are electric vehicles and more than 1.5 million battery electric vehicles, which means that one out of every four battery electric vehicles exported in 2023 is from China, WTO wrote in the article.

In January 2024, Lu Daliang, spokesman for the General Administration of Customs and director of the Department of Statistical Analysis, said that 2021 and 2022PowerballestimatedjackpottodayChina's automobile export volume has reached the level of 2 million and 3 million successively. In 2023, it crossed two million steps, with exports of 5.221 million vehicles, an increase of 57.4 percent over the same period last year.

He said that what is particularly important here is that China has vigorously promoted the green and low-carbon transformation and upgrading of the automobile industry, and the export of new energy vehicles has added bright colors to the industry. At present, one out of every three cars exported in China is an electric manned vehicle, with an annual export of 1.773 million, an increase of 67.1 percent, which contributes to the global green and low-carbon transformation.

Import tariff structure

WTO wrote in the article that some WTO members use most-favoured-nation (MFN) tariffs to promote the import of electric vehicles, often distinguishing them according to the type of electric vehicles. If the 27 member states of the European Union are counted as a member of the WTO, available data show that one in three WTO members is allowed to import battery electric cars duty-free.

At the same time, for hybrids and plug-in hybrids, one in four WTO members is allowed to enjoy duty-free treatment. As for internal combustion engine cars, only one in six WTO members is allowed to enjoy most-favoured-nation duty-free treatment.

If only finished new cars are considered, excluding ambulances and hearses, the data show that 40 of the 123 economies impose lower tariffs on battery electric vehicles than on internal combustion engines, while the rest impose the same tariffs on both types of vehicles.

This tariff structure indicates that some WTO members are developing policies to promote the use of battery trolleys and hybrid electric vehicles, while others who do not discriminate in tariff treatment may be adopting other types of policies, such as subsidies or technical regulations.