China Pushes Electric Car Plan Back To 2019
China has moved the starting date of its EV cap and trade program one year, giving manufacturers more time to adjust their product mix in time.
China has moved the starting date of its EV cap and trade program one year, giving manufacturers more time to adjust their product mix in time.
A record 55,000 new passenger electric cars were registered last month in China, with the market growing 68% compared to the same month last year and pulling the year-to-date (YTD) count to over 282,000 electric cars, up 45% year over year (YoY).
The China-based auto and battery manufacturer BYD is expecting that China’s shift to so-called “new energy vehicles” — battery electric vehicles, hydrogen fuel cell vehicles, etc. — will be completed by the year 2030, according to recent reports.
Some 44,700 new electric cars started zooming the Chinese streets last month, which made July the second best month ever for the segment. The electric car market grew 37% compared to the same month last year. The sales also pulled the YTD count to over 227,000 units, up 40% year over year (YoY). Additionally, regarding overall stock, a notable milestone has been reached — over one million plug-in cars are now registered in China (from 2009 until now), making it the first market to reach a 7-digit figure. Chinese electric cars now represent 40% of all plug-car stock in the world (which is up to around 2.6 millions).
The Chinese market had more than 43,000 new EVs zooming the streets last month. With the market growing below expectations, at 16% YoY, this performance from China feels like when LeBron James scores 28 points in an NBA Finals game — it would be a great score for anyone else, but people expect more from the star of the team.
China’s plans for relatively aggressive electric vehicle sales quotas are unnerving some prominent foreign auto manufacturers, going by recent reports.
As in other occasions and latitudes, incentives can heavily distort plug-in vehicle markets across the world. This year it happened again in Hong Kong.
Rumors of a new Tesla factory in Shanghai, China, have been flying around the internet for months. And just as quickly as they popped up, Tesla batted them away, saying they were just speculation, there was nothing official, it was looking at several locations in China, it had made no decision yet, and things of that nature.
The Chinese market had more than 40,000 new EVs zooming the streets last month, a 49% increase in sales over the same month last year, with the EV market share now at 1.4%, close to last year’s record (1.45%). Expect improvement as the year progresses and sales expand, with the Chinese EV market potentially surpassing 2% market share.
The number of electric cars in the world has doubled since this time a year ago, according to the International Energy Agency. That’s the good news. The not so good news is that electric cars still only account for 0.2% of all the cars in the world. The rest are conventional vehicles that flit along the highways and byways of the world, spewing who knows what out of their tail pipes.