China has evolved as the world’s largest auto market and the country is now expected to be one of the largest markets for EVs within a time span of 10 years. It has been stated that the production of EVs within the country will be reaching the mark of one million units by 2020.
For reducing pollution levels there will be promotion of EVs along with subsidies and the move may be a key factor that can revolutionize the automotive industry of the country. The country’s EV subsidies, in some cases, reach as high as 60,000 Yuan ($9,035 U.S.) and may persuade the buyers to go for EVs.
They have also initiated plans that consider the country’s aim to replace its current public transport vehicles with battery-powered vehicles to make a significant impact on the pollution by the vehicles as well as the domestic EV production, says Autobloggreen in a report.
Venture capitalists and automakers have funded a pilot program aimed at extolling the virtues of EVs for public transport with a total of 8.5 billion Yuan ($1.28 billion U.S. at the current exchange rate).
The volume of expected production by 2020 is said to be bit surprising, but with the plans and procedures, China may succeed to lead the EV way just like they are performing in the global auto market.
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