When we talk of electric cars, China pacific has won the game from United States here; whether this equilibrium is going to continue or not – another side of the picture.
That comes from statements released by Barclays in which the yearly sales are likely to take on a hike with 44%/annual scale until year 2020 – which of that creates approx. 220,000 units as per last year’s estimates in comparison to less than 120,000 electric cars sale-out in United States of America.
Moreover, Chinese yearly oil demand is likely to get around 1% due to rapid growth scenario.
Keeping the above detail in review, Tesla Motors is planning to move aside from that of its traditional manufacturing and is looking ahead to bring electric cars (both new manufacturers and implementing the electric option in existing models).
A week earlier at Las Vegas’ Consumer Electronics Show, General Motors revealed its new Chevrolet Bolt EV worth US$ 30,000 for year 2016. During this similar event, Faraday Future Inc., a company close to Chinese web television company, introduced a new electric “concept” car.
On a similar notice, Ford Motor Co. announced to look ahead into developing market of electronic cars that incorporates its creation of Focus sedan.
Instead of hybrids, Chinese market is diverting its attention to entirely different auto infrastructure i.e. electric vehicles to combat pollution and traffic congestion. The country has stopped into regulatory sect in that regard as well – a push to add more charging stations.
Apart from this, Barclays estimated that with subsidies and tax benefits, the cost of buying an EV in China is similar to that of an internal-combustion engine car.
The Chinese government has set a target to lift EV sales to 1.5 million vehicles, or 5% market share, by year 2020.