China Electric Car Market size was valued US$ XX Mn in 2019 and the total revenue is expected to grow at XX% through 2020 to 2027, reaching US$ XX Mn. The report has covered country wise market trends with competitive landscape.
China Electric Car Market
China’s Electric Car Overview:
Hundreds of Chinese companies are chasing a piece of the battery-powered-car market, backed by generous government support. Tesla invests $2 Bn electric-car factory in China in Jan 2020, a brief stroll around an upscale shopping district here shows the company already has plenty of local competition.
Storefronts for Chinese carmakers Byton & WM Motor display sleek new battery-powered models. And across from a Tesla dealership sits a multistory sales outlet for Nio, a Chinese company that delivered 20,000 electric cars to buyers last year.
The Chinese government has spent at least $60 Bn to support the fledgling electric-car industry, including R&D funding, tax exemptions & financing for battery-charging stations, which in turns 400-plus Chinese companies to get into the electric-car business. Some of those companies have cars on the market, however, & many will fail.
After many years of growing electric-car sales, driven by substantial government subsidies for customers, the government last year started cutting those funds, causing sales to fall.Unreliable batteries & other quality problems have also dampened buyer’s enthusiasm. Nio last year evoked 4,800 car batteries after reports of several fires, worsening the unprofitable company’s already precarious finances.
The startup lost $1.2 Bn in the first nine months of 2019 & recently warned it could run out of cash this year unless it raises new funding.For now foreign car companies continue to see gold in China & are enhancing local production of their own electric vehicles.In October, Volkswagen & its Chinese joint-venture partners will start production at two factories, in Shanghai & Foshan, with total potential output of 600,