China Electric Car Market
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China Electric Car Market size was valued US$ XX Mn in 2019 and the total revenue is expected to grow at XX% through 2020 to 2027, reaching US$ XX Mn. The report has covered country wise market trends with competitive landscape.
China Electric Car Market
China’s Electric Car Overview:
Hundreds of Chinese companies are chasing a piece of the battery-powered-car market, backed by generous government support. Tesla invests $2 Bn electric-car factory in China in Jan 2020, a brief stroll around an upscale shopping district here shows the company already has plenty of local competition.
Storefronts for Chinese carmakers Byton & WM Motor display sleek new battery-powered models. And across from a Tesla dealership sits a multistory sales outlet for Nio, a Chinese company that delivered 20,000 electric cars to buyers last year.
The Chinese government has spent at least $60 Bn to support the fledgling electric-car industry, including R&D funding, tax exemptions & financing for battery-charging stations, which in turns 400-plus Chinese companies to get into the electric-car business. Some of those companies have cars on the market, however, & many will fail.
After many years of growing electric-car sales, driven by substantial government subsidies for customers, the government last year started cutting those funds, causing sales to fall.Unreliable batteries & other quality problems have also dampened buyer’s enthusiasm. Nio last year evoked 4,800 car batteries after reports of several fires, worsening the unprofitable company’s already precarious finances.
The startup lost $1.2 Bn in the first nine months of 2019 & recently warned it could run out of cash this year unless it raises new funding.For now foreign car companies continue to see gold in China & are enhancing local production of their own electric vehicles.In October, Volkswagen & its Chinese joint-venture partners will start production at two factories, in Shanghai & Foshan, with total potential output of 600,000 electric cars a year.
Ford in recent months began selling its battery-powered Territory SUV, produced in a JV with China’s Jiangling Motors, & is targeting to launch its electric Mustang Mach-E in China in 2021.Consumer demand remains uncertain.
China’s post-coronavirus stimulus plans:
As China tries to recover from the impact of the covid-19, making sure its strategies for EVs stay on track is one priority.Soon after signs that the outbreak in China was under control, the central authority & local governments announced incentive policies aimed at automobiles, particularly new energy vehicles.
In the last few weeks, NEV subsidies & tax break policies set to expire this year were extended by two years to 2022. Battery charging infrastructure frequently cited as a motive for not buying an electric car got booster of 2.7 Bn yuan, which would allow for a ten-fold rise in scale versus last year.
China also targets to increase the share of new energy vehicles in the market to a quarter during forecast period, up from just 5% last year.As China battled Covid-19 in the first three months of the year, production of new energy vehicles fell 60.2 percent from a year ago to 105,000, while sales dropped 56.4 percent to 114,000 vehicles, Overall auto sales declined 42.4percent to 3.672 Mn vehicles.
Meanwhile, China’s electric vehicle start-ups have pushed ahead with getting production back online & launching new products. Some have also reported increasing sales.
The objective of the report is to present a comprehensive analysis of the China Electric Car Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.
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Last Update : 25 August 2020
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