While China is doing what it can to stimulate its electric vehicle (EV) growth, recurring power outages plus other challenges may potentially undo all its efforts.
A piece by Yahoo reported BYD is one of more than 450 registered EV firms in China – cementing the republic’s position as the largest EV market with its record of overtaking Tesla sales. Other brands like Honda, Suzuki and Mitsubishi have also set up shop in China to compete for a share in the booming market. However, China is simultaneously threatened by recurring power outages – neutering the country’s EV growth.
String Of Subsidies
Back in 2009, the Chinese government implemented subsidies for EV purchases given these novelty vehicles were more expensive. It reportedly blew over RMB200 billion (from central government) and RMB100 billion (from local governments). The exponential success of this plan was reflected by 2016’s figures of combined EVs and plug-in hybrid electric vehicles (PHEVs) sales increasing 62 percent to 336,000 units, making it by far the biggest market for hybrid vehicles worldwide, with a share of 44 percent of global sales. Chinese’s market share was only six percent in as at 2013. These results prompted the Chinese government to extend the subsidy originally slated to expire in 2015, followed by 2022, and now 2023.
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