Asia Tech Wire (Mar 1) -- Chinese OFDI in EV-related industries is likely to set a new record in 2023, U.S. research provider Rhodium Group said in a report on Thursday.

Chinese outbound foreign direct investment (OFDI) in electric vehicles amounted to $28.2 billion in 2023, down from $29.7 billion in 2022, but the 2023 figure does not include large-scale projects with undisclosed investments such as BYD's Hungary plant.

The report noted that compared with 2022, China's EV OFDI in 2023 was more concentrated in the mid-stream battery manufacturing sector, with a related investment of up to $22.4 billion.

Rhodium analysts expect China's EV investment abroad to remain strong in 2024, but to shift from battery investment to EV manufacturing in Europe, Latin America and Asia.