World’s largest automotive market to see shortfall in plug-in electric vehicle sales
According to the company’s data, annual sales of plug-in electric vehicles will reach only 45,000 units by 2015, increasing to 152,000 vehicles in 2017. That figure represents less than 1% of the total light duty vehicle market in China.
‘As of early 2012, only a few domestically produced EV models were available to China’s general public,’ said research director John Gartner. ‘Indeed, evidence is emerging to suggest that Chinese EV manufacturers have yet to develop proven technology that can propel the market.’
However, Mr Gartner went on to add that even though it is unlikely to reach its targets, China’s EV ambitions will provide a huge boost to electric car development worldwide in the long run.
Since 2003, Chinese automakers have released or announced the production of 40 battery electric vehicles and 31 plug-in hybrid electric vehicles that will be on the market by 2015 and Chinese vehicle manufacturers such as BYD, SAIC and Foton have all launched hybrids or plug-in vehicles already.
The report also highlights how the country has one of the largest lithium deposits in the world, and therefore is likely to become a key competitor in the lithium ion (Li-ion) battery market.
For more details on the report and a free executive summary, visit: http://www.pikeresearch.com/research/electric-vehicles-in-china