China accounts for half of the world's EV market


According to a report by the US quartz financial website June 13, non-profit research organization International Clean Transportation Committee said that China accounts for half of the world's electric vehicle production and sales. Of the 1.1 million electric vehicles that were manufactured globally last year, China produced 595,000 vehicles. The number of electric vehicles purchased by the Chinese is similar to that of its production. This figure exceeds the sum of Europe, Japan, and the United States.

The report said that the scale of China's auto market - now exceeding that of the United States - is a reason for the rapid growth in the production and sales of electric vehicles, and the Chinese government is another reason. "The policy is the fundamental driving force for the growth of electric vehicles throughout the world," the International Clean Traffic Commission said in a white paper on electric vehicles released in May this year. No country is as committed to the development of electric vehicles as China.

According to the report, the United States has encouraged the development of electric vehicles by funding basic research, enacting pollution and fuel efficiency standards, and tax deductions for electric vehicles for $7,500. In contrast, China has formulated a national policy to establish a complete electric vehicle ecosystem at all levels. According to the International Committee for Cleaner Traffic, the financial incentives for China to encourage the purchase, manufacture, and construction of electric vehicles are the best in the world.

According to the report, between 2009 and 2015, China allocated 59.1 billion yuan to subsidize consumers who purchased "new energy vehicles." "New energy vehicle" is the name for batteries and plug-in hybrid vehicles. Bloomberg News reported that the Chinese government’s goal is the annual output of new energy vehicles will reach 2 million by 2020. The Chinese government has established a battery supply chain plan and vigorously stimulates battery manufacturers to produce in China.