As you read this article, Chinese investments in the Electric Vehicle industry continue to soar to new heights. China has been the world’s largest EV market for many years, and it has not shown any signs of slowing down. Why is the EV industry booming in China? Repokar is here to give you a clearer picture in regards to this automotive market trend. It's no secret that China is one of the countries with the most polluted air. The Chinese government understands the problem their country is facing, and they are making efforts to improve air quality and reduce the fatality rates. As oil imports in China continue to rise and the country flourishing financially, its population is also growing. By 2025, China's projected plan is to sell 7 million cars of which 20% percent will be plug-in models or other non-petrol cars. But the question still remains: Will the Chinese government authorize their use or not?
Since 2018, the biggest manufacturers selling their cars in China- Toyota, BMW, General Motors, and regional Chinese companies BAIC Motor and BYD - have been developing and prioritizing new energy vehicles (NEVs). The Chinese government requires the most significant portion of its production and imports to be green by the end of this year. That’s why the largest car makers should increase their efforts to meet this growing demand.
BMW, the company which gains the most profit in China than in any other markets, will announce two plug-in models and two electric vehicles, including iX3 SUV by 2020.
Industry giants are modifying and conceptualizing models in partnership with Chinese companies, Zotye Automobile Co. and Guangzhou Automobile Group. However, Chinese automobile brands become almost unknown outside of China. There is no doubt that Chinese authorities will continue to protect its domestic manufacturers and the auto industry.
Many independent experts believe that the future of electric vehicles is in China.
It’s exciting to imagine a huge city, such as Beijing or Shanghai, in which the majority of vehicles, including public transportation, will be electric. While it is impossible to predict the future, we are now seeing the possibilities of electric vehicles as our main form of transportation.