China injects $168 billion in technology to eliminate international competitors in electric cars

The People's Bank of China, the central bank of the Asian giant, opened a mega credit line at preferential rates worth $168 billion, earmarked exclusively for the development of advanced chips and large-scale energy storage.

Simultaneously, the General Administration of Customs in Beijing reported that Chinese exports of electric vehicles soared 31.4% year on year so far in 2026, reaching a record 3.2 million units sold worldwide and displacing traditional brands in Europe and North America.