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China has become a powerhouse in the production of new Chinese EV models, which has had a global impact on the cost and availability of electric vehicles. Chinese automakers, such as BYD and Li Auto, have leveraged government support and economies of scale to produce new energy cars at competitive prices. These vehicles often come equipped with advanced EV power solutions at a fraction of the cost of their Western counterparts. As more new Chinese EV models enter the global market, the competition will drive down prices further, making electric cars more accessible to a broader audience.

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Passenger vehicles are a fundamental component of modern transportation, playing a crucial role in the mobility of individuals and communities. At its core, the term passenger vehicle refers to any motor vehicle that is primarily designed for the transportation of passengers. This category includes a diverse array of vehicles, from cars and vans to buses and SUVs, and is integral to the daily lives of millions of people worldwide.


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