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Posts Tagged ‘China EV sales’

EV Industry Expected to Hit Nearly $60B by 2021

Businesses related to electric vehicles in growth mode.

by on May.17, 2016

The electric vehicle industry is expected to grow to nearly $60 billion by 2021 as large cities choked by pollution look for ways to resolve that issue.

A new study suggests that with traffic-clogged urban areas leading the way, the amount of money spent on electric vehicles is poised to jump to nearly $60 billion by end of the decade.

ABI Research, which tracks the adoption of innovative technology, is predicting an imminent rise in smart electric mobility as extreme pollution and congestion in urban areas coupled with limited transportation options continues to challenge major cities across the globe. Data analysis forecasts global electric vehicle revenue will hit $58 billion in 2021, more than five times its market value in 2015, ABI said in its new report.

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“The role of vehicle electrification in urban areas is part of a broader smart mobility model that includes shared vehicles, charging options, and driverless electric vehicle fleets of cars, buses, trams, and light rail,” said Susan Beardslee, Senior Analyst at ABI Research. (more…)

BYD Looks to Triple EV Sales in 2016

China's push for EVs aids maker's quest.

by on Mar.30, 2016

China's BYD is looking to triple it sales to 150,000 units in 2016 compared with last year's results.

BYD Auto, the Chinese electric car company, which counts Warren Buffett among its investors, expects to triple its sales of EV this year with the help of incentives offered by the Chinese government, according to a statement from the company.

The Chinese automaker is already one of the largest builders of electric vehicles in the world and last year built more electric vehicles than rivals Tesla, Ford and General Motors. Only Nissan with its Leaf sold more electric-powered vehicles. In all, BYD delivered 58,000 vehicles in 2015, and expects to sell up to 150,000 vehicles this year.

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Global demand for battery-electric vehicles is expected to achieve a compound annual growth rate of 59.42%, according to a report available from Research and Markets of Dublin, Ireland. But this impressive growth could be even higher if BYD’s sales predictions are correct, the Irish firm suggested. (more…)

Tesla’s China Chief Clears Out

Former Apple exec Wu departs after less than a year on the job.

by on Dec.12, 2014

The head of Tesla's operations in China, Veronica Wu, resigned after less than a year at the company.

Less than a year after joining the company and nine months after accepting the job, Veronica Wu resigned as the head of Tesla Motors’ China operation. She gave no reason for her departure.

Wu joined Tesla from the China unit of Apple and was expected to guide the fledgling EV maker through the myriad of problems it could face in the country.

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The California-based EV maker just started expanding its presence in China after years of legal wrangling over the company’s name with a squatter. Tesla founder Elon Musk traveled to Beijing to help deliver the first vehicles to buyers there in April. (more…)

China Pushing for More Alternative Fuel Vehicle Sales

Reliance on foreign oil prompts government action.

by on May.15, 2014

China's reliance on foreign oil has increased dramatically due to the rapid increase in vehicles on the roads.

The rapid growth of new vehicle sales in China has led to significant increases in oil demand and oil imports, raised the price of petroleum around the world and prompted the Chinese government to offer big subsidies to motorists using electric vehicles.

Consumption of gasoline in China more than doubled from roughly 900,000 barrels per day (bbl/d) in 2003 to more than 2 million bbl/d in 2013, extending a trend of significant growth in China’s transportation sector since the 1990s.

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Automakers in China sold more than 20 million vehicles last year, including more than 550,000 in the capital city of Beijing where sales are regulated a license plate lottery that is designed to curb some of the enthusiasm for cars among China’s legions of consumers. (more…)