China has become the largest auto market for General Motors and a host of other automakers, but the country will also lead the way with electric-car sales, per a new report.
Nikkei Asian Review reported Wednesday that China will make up 60 percent of global electric-car sales by 2035. New government policies will largely drive the ballooning market share. The country will regulate “new-energy vehicles” and place a quota on the production of electric cars and plug-in hybrids.
The upcoming regulation has spurred massive investment in electric-car portfolios for GM and numerous rival companies.
China will see 6.42 million electric cars sold in 2035; Europe will come second with 2.17 million EVs and North America will round out the top three with 1.36 million EV sold. To put the figures in perspective today, just 760,000 battery-electric cars were sold in 2017 globally.
Plug-in hybrid growth will also be robust. Data expects PHEV sales to grow to 12.43 million cars in 2035. China will again lead with 4.65 million cars sold. Europe is expected to see 3.81 million plug-ins and North America at 2.47 million. For hybrids, Japan and North America will lead with 1.31 million and 1.03 million cars in the regions.
GM plans for 20 new battery-electric cars by 2023. Expect most of the cars to reach China before trickling into the United States. When they do arrive, look for the electric cars to wear a Cadillac badge.