BNEF prediction: 19% of all passenger vehicle sales in China will be electric by 2025
According to a Bloomberg New Energy Finance (BNEF) prediction, 19% of all passenger vehicles sold in China will be electric vehicles (EVs) by the year 2025. In comparison, EV sales will account for 14% and 11% all passenger vehicle sales in Europe and the US respectively by the same year.
With China already accounting for nearly 50% of the EV market worldwide, BNEF has predicted that the market share of the country will apparently remain unchanged even despite the ongoing fast-paced growth of the global market for EVs.
The reason why BNEF expects China to record a much faster growth in EV sales as compared to other countries is that China has borrowed a new set of government incentives and policies from California.
The potential success of China in terms of achieving a quicker EV sales growth than other countries will partly be result of a program which has been designed by China on the lines of California’s Zero Emission Vehicle (ZEV) program. Under the program, automakers are required to sell EVs to generate credits or have to buy credits from their EV-selling rivals. China’s ZEV-like program will be called the New Energy Vehicle credit system.
Once China has the New Energy Vehicle credit system in place, Chinese regulators will get increased flexibility to the EV market, as against the one-size-fits-all subsidy program which the country has been implementing till date.
In a recent announcement, German automaker Volkswagen (VW) has revealed that it may have to issue a recall of 124,000 electric and hybrid cars, because a carcinogenic metal -- cadmium -- has been used in battery chargers for VW vehicles.
The recent display of a new hybrid SUV by Lynk & Company to electric car enthusiasts in Amsterdam is an apparent indication of the fact that China’s ambitious auto industry is set to go global.
In a recent blog post, General Motors (GM) Chief Executive Mary Barra has reaffirmed that the automaker considers electrification to be a “priority,” even though it supports the revision of fuel consumption rules.
Tesla CEO Elon Musk has said in a recent Twitter post that the company decided against the addition of eye-tracking sensors to the Autopilot hardware suite because it found the technology to be ineffective.
At the 2018 Beijing International Auto Show, JAC Volkswagen unveiled a new all-electric SUV -- the E20X -- which also marks the first product of the company’s new ‘SOL’ electric vehicle (EV) brand for the Chinese market.
In response to recent reports about the Tesla Semi electric truck prototype having been spotted in Arkansas, Tesla CEO Elon Musk has commented that the truck was driven “across the country alone.”