Production numbers of electric vehicles in China exceed authorities’ goals5. December 2017
According to BAIC Chairman, China’s electric vehicle manufacturing output is expected to reach 1 million units next year and an impressive 3 million units by 2020. These figures notably exceed the government’s electric vehicle manufacturing goals.
These new figures have allowed for re-adjusted mass production targets, with China aiming to produce around 2 million vehicles a year by 2020 and 7 million by 2025. These new targets account for a whopping 20% of the global total Light-vehicle production by 2025.
There certainly does appear to be a trend developing. In the first 9 months of 2017, the country produced nearly 425,000 electric vehicles and plug-in hybrids. This is an increase of 40% year on year.
In fact, Wang Chuanfu, Chairman of BYD, the leading electric vehicle producer in China, all China’s vehicles could be electric by as early as 2030.
If China were alone in its bold venture, one might think its goals unlikely, but increased foreign investment is vastly improving the odds. For example, Germany’s Hubject (a group owned by automakers and suppliers such as VW and BMW) has recently secured funds to develop a standardized method of payment for electric vehicle charging stations.
Analysts believe that this additional infrastructure will widely help in skyrocketing electric vehicle technology in China, which is widely viewed as one of the major final hurdles.
Whilst the precise amount that they have acquired remains unknown, Hubject claims to have acquired millions of euros.
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