Chinese electric vehicle market sees more investment
- November 3, 2017
- Posted by: Yolandy
- Category: Business
According to a latest report of International Energy Agency, more than 750,000 EVs were sold worldwide last year, compared to 547,220 sold in 2015. China has surpassed the US to become the largest market for electric vehicles, acquiring 40% of the world’s total, twice that of the US.
China is witnessing consistent support for new energy vehicles, including EVs. By 2020, the number of new energy vehicles sales is expected to top 2 million in a single year, according to a blueprint issued by the State Council in October. The data last year was about 507,000, while it is expected to exceed 700,000 in 2017.
More than 4.8 million charging piles will be erected across the nation, suggesting a charging infrastructure market of over 100 billion yuan, the blueprint added. Almost all provincial regions in China have made public their ambition to build charging station networks to support the booming sales of new energy cars.
EVs, specifically, are increasingly popular under the policy support. In 2016, the number of EVs sold in China was 256,000, up 121 percent year on year.
Being the world’s largest market for electric vehicles, China has welcomed a latest injection of investment, which is expected to further upgrade the nation’s new energy infrastructure.
Chinese leading car-hailing service provider Didi Chuxing on Wed unveiled its new joint venture projects to set up its own nationwide charging network for electric vehicles.
“We have started new joint venture projects to build our own EV charging systems. Didi’s charging networks will not only cover our own fleet, but also serve families and the public,” Cheng Wei, CEO of Didi Chuxing, revealed at a sustainable energy summit jointly sponsored by the United Nations and the Global Energy Interconnection Development and Cooperation Organization (GEIDCO) on Wednesday in the US.
International brands like Tesla also have their eyes glued to the Chinese market.
After unveiling the plan to set up a factory in Shanghai, Elon Musk on Wednesday reportedly revealed that Tesla is expected to launch manufacturing in China within three years.
Together with GEIDCO, Didi has set up the Global New Energy Vehicle Service Co., Ltd, whose new EV infrastructure plan is codenamed Orange Energy.
“The future of transport is new energy vehicles, and ridesharing will be a key to promoting new energy on the road.” Cheng said.