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China's EV Sector Is 'Absolutely Booming,' Says Standard Chartered CEO

Amid China’s uneven economic recovery, the electric vehicle (EV) sector is witnessing a remarkable surge, according to the CEO of Standard Chartered, Bill Winters.

Winters highlighting the exceptional growth of China’s EV sector, reported CNBC. While speaking at the Global Financial Leaders’ Investment Summit, Winters described the sector as “absolutely booming,” in stark contrast to the broader economic challenges facing the nation.

Despite a general slowdown in China’s post-Covid economic rebound, Winters noted that the country is making strides toward a more robust and sustainable economy. This includes a strategic shift from traditional industries to burgeoning sectors like renewable power technologies and electric vehicles.

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China’s dominance in the EV market is backed by impressive sales figures. In 2022, the country accounted for 59% of global EV sales, with ...

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