New designs and better performances increase popularity of EVs in China
 
China Knowledge Online
May 31, 2019
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May 28, 2019 (China Knowledge) - Electric Vehicles (EVs) are expected to gain in popularity among Chinese consumers this year as new designs and improved performance help to offset a cut in government price subsidies in the sector.

According to data from the China Association of Automobile Manufacturers (CAAM), sales of battery-powered and plug-ins that run on hybrid gasoline-electric engines are expected to grow by 27% this year to a record 1.6 million units from 1.26 last year.

Developing new-energy vehicles has become an important part of China’s economy in recent years as China looks to evolve from a major-vehicle manufacturing country to a powerhouse with strong auto-making capabilities.

Currently, every noteworthy automaker in China from domestic brands such as BYD to foreign companies such as Ford and even startups such as Xpeng Motors have at least one electric model ready to commence assembly this year.

Sales in China’s electric vehicle industry have expanded rapidly on the back of cash subsidies and tax rebates by the government to build its EV industry with sales increasing by 61% last year. By 2025, China aims for its domestic carmakers to have an 80% market share in its EV industry and a total sale of 3 million EVs sold.

The rising popularity of EVs bode well for the domestic auto making industry that has now seen 10 consecutive months of declining sales.

 
 
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