An electric car, a Tesla Model S being charged at a car dealership in Shanghai China: the future of petrol cars dim Photo Jahannes Eseile for AFP
The future of petrol-powered cars is being threatened with the growth and rise in sales of new energy vehicles powered by electricity, courtesy of China’s new energy vehicle (NEV) industry’s rapid growth in the past few years.
Industry rating shows that production and sales of NEVs have surpassed 1 million units so far, with an annual growth rate of over 200 percent, according to Dong Yang, vice director of China Association of Automobile Manufacturers (CAAM).
The Asian industrial giant now controls more than 50 percent of the world’s NEV production, sales, and ownership as at 2016, making it a global leader in NEV development.
Dong said: “Domestic battery makers, motor producers, and other enterprises in the supply chain have become internationally significant suppliers, with more than 70 percent of the global shipments of NEV batteries coming from China.
“Public charging facilities within China have surpassed 180,000, with their coverage increasing in residential areas, along highways, and in other public space.
“Companies operating NEV charging have also emerged with innovative business models, while favorable government policies have made NEVs cheaper and the licensing procedures simpler”.
Some 507,000 NEVs were sold in China last year, the most in the world for a second year and up 53 percent from 2015, CAAM data showed.
According to an official plan on auto industry development, China will see NEV output and sales hit two million annually by 2020, about four times the current level.
