China's Charging Up Electric Vehicles: Here's How That Will Speed Up Sales Worldwide.
- Jul 10, 2018 9:00 pm GMTJul 10, 2018 8:43 pm GMT
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By Chris Busch, Energy Innovation's Director of Research
Chinese consumers are on track to buy more than 1 million electric vehicles (EVs) this year after sales grew 53% in 2017. And China’s leadership is charting a course to an all-electric future, targeting 2 million annual EV sales by 2020 and a complete ban on internal-combustion engines, which officials predicts will happen before 2040.
China’s EVs enthusiasm is driven by domestic considerations, but by committing to electric transportation, the world’s largest vehicle market will accelerate global EV adoption.
As China’s manufacturing prowess grows, technology costs will fall as has occurred with solar power. As a result, more affordable EVs will be more widely available, sooner than expected for consumers.