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.
Comments
And people on this site complain when GM makes china a priority! Guys without china GM will not survive as a auto manufacturer in the long term.
People in china have different tastes and requirements that people in Europe or the united states does. So cars are going to have to serve both taste in the future.
If you dont like it I suggest you find a way to get use to it. Cuz it’s not ever going back to the way it was.
China did the correct action to make gas and Diesel vehicles unlawful, so every new vehicle must be electric or hybrid. GM already has a great headstart with the SAIC partnership. And Chinese vehicles and parts are not bad. The 2005 to 2009 Chevy Equinox uses a 3.4 L V6 gas engine made by SAIC, and in nine years have given no problem at all. Remember that for every vehicle that GM assembles and sells in China, the profits return to the U.S. economy.
If the U.S had the vision that China has, they would make EV mandatory, and kick the oil barons out of the car market.But that will never happen when the POTUS gets dirty oil money for his campaigns.
Seriously? China – 6.42 million electric vehicles by 2035? Problem there with order of magnitude. Well, within 17 years China still won’t be producing that many (x10) cars in general, but say 45 mill – whatever the figure, at least eighty percent of it will be electric, and that’s being conservative. A classic technique of the hydrocarbon lobby, with renewables and everything related, is to put out figures in a manner which would suggest that they are surprisingly high, whereas they are undercutting the guts out of the real projections… and what inevitably eventuates. The most obvious and frequent examples are the BP research pronouncements and anything by the IEA.