China Pushes The Electric Vehicles Market Forward
One of China’s biggest automakers, GAC Motor, has announced the construction at a giant $6.5bn industrial park to develop and produce electric and autonomous vehicles.
The move is in line with the Chinese government’s commitment to maintaining leadership in the sector.
China’s electric vehicle mandate requires automakers’ EV sales to represent at least 8 per cent of their total sales in 2018, 10 per cent in 2019 and 12 per cent in 2020.
China is already the world's leading electric vehicle market by a wide margin. In 2016, China EV sales reached 507,000 units, more than double the level in Europe (221,000) and almost four times the US number (157,000). China EV sales are expected to climb to 700,000 this year, according to the China Association of Automotive Manufacturers.
The government is also keen to maintain its leadership in battery and electric vehicle technologies.