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.
South America is still lagging behind in adoption of electric vehicles. Chinese companies are already approaching public transport authorities across the world to offer their electric and hybrid urban mobility solutions.
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