TodayEco.com

08 Jul '12, 7pm

Electric Car Sales in China to Surpass 152000 Units By 2017

BOULDER, Colo. -- China is now the world’s largest automotive market. The Chinese government has made vehicle electrification central to its aggressive plan for growing the automotive market both domestically and internationally and has created many national and local incentives for plug-in electric vehicle (PEV) purchases. According to a new report from Pike Research, however, PEV production will fall well short of the government’s ambitious goals of manufacturing 500,000 PEVs a year by 2015. The PEV market in China will grow at a compound annual growth rate (CAGR) of 60% from 2012 to 2017, surpassing 152,000 units sold annually by 2017. However, that figure represents less than 1% of the total light duty vehicle market in China. “The Chinese government initially overestimated consumer demand for electric vehicles, and has made adjustments to its incentive policies”

Full article: http://evworld.com/news.cfm?newsid=28291

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