Since 2019, the two companies have worked in cooperation to explore the NEV market. Their partnership exemplifies the growing integration between Chinese and foreign companies in the NEV industry, encompassing production cooperation, stake acquisitions, and market expansion both domestically and internationally. These closer partnerships come as an increasing number of foreign companies in the industry seek to capitalize on the booming market. AdvertisementChina remains the most promising market for the global automotive industry, especially in the NEV market, Tao said. Its NEV tire output for this year is projected to grow by over 30 percent compared to 2023.

Source: Manila Times June 17, 2024 04:18 UTC