Yes, with such a population it is not surprising, and it has been for a long time. Why is Elon Mask tearing up another Tesla production in China? The answer is simple: for over 10 years, the Chinese market has been ahead of the US market in terms of car sales. In recent years, the Chinese government has been actively stimulating the development of the electric car manufacturing and consumption industry.
Chinese market for new cars (2019)
China’s new car market fell by almost a tenth in 2019. This was the second year in a row when car sales in China were weaker, but also the second year in a decade when car sales were weaker. China’s new car market in 2019 was at its lowest level since 2015.
In 2019, just over 21 million cars were sold, and the Chinese car market remained the largest in the world. The Chinese car market was more than 4 million more cars than the US market and more than 5 million more than the European new car market. In 2019, seven times more cars were sold in China than in India.
German luxury car manufacturers not only gained market share in China in 2019, but also increased sales volumes.
Annual worldwide passenger car sales (2013-2019)