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China's leading role in EV industry results from forward-looking investments: expert

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STORY: China's leading role in EV industry results from forward-looking investments: expert
SHOOTING TIME: May 20, 2024
DATELINE: June 12, 2024
LENGTH: 00:01:15
LOCATION: Athens
CATEGORY: ECONOMY

SHOTLIST:
1. various of the electric vehicle production in China
2. SOUNDBITE (English): PAUL BURROWS, Secretary General of WAITRO (The World Association of Industrial and Technological Research Organizations)

STORYLINE:

A European industrial expert has said that China's leading role in the electric vehicle (EV) industry results from its forward-looking investments in creating a market. 

In such a market, he adds, companies compete with each other to produce the next generation of technology.

SOUNDBITE (English): PAUL BURROWS, Secretary General of WAITRO (The World Association of Industrial and Technological Research Organizations)
"I do feel that the Chinese EVs are a generation ahead of anything that I've seen coming out of Europe in terms of their extra functionality. It's one area of technology where China really has a strong lead.
And I think, really, the reason why Chinese EVs are so far ahead is that the government invested as far back as 2009.
But what that policy framework did was it created a market, and this is a much better place for the government to invest, not picking the technology and subsidizing technology, but investing in creating a market, creating an arena into which many different companies come and compete.
And BYD, NIO, Xpeng, battery manufacturers like CATL, they have all competed at the usual high speed of Chinese innovation and on top of one another to determine the final winner in terms of technology. But creating that market gives companies the confidence to invest in the next generation of technology."

Xinhua News Agency correspondents reporting from Athens.
(XHTV)

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