The green and energy efficient car industry is booming in China, the world’s biggest auto market, and there’s no sign of hitting the brakes. That’s thanks in large part to government subsidies and new technologies.
CCTV’s Martina Fuchs has more.
China pushes for environmentally friendly carsEnergy-efficient cars have received the green light from the Chinese government. It aims for new energy vehicle sales to top 3 million units a year by 2025, compared to just 330,000 in 2015. CCTV’s Martina Fuchs has more.
The International Exhibition on Green and Energy Efficient Vehicles started in Beijing on Thursday. The race is on to produce China’s Tesla cars.
The Chinese government says it wants 5 million “green” vehicles on the road by 2020 – in a country of some 1.4 billion people.
Chinese and foreign automakers showcased their latest new and energy-saving vehicles at the International Exhibition on Green and Energy Efficient Vehicles in Beijing.
Electric and green car sales more than quadrupled last year, supported by government subsidies and toxic smog levels in Chinese cities.
The air pollution has propelled China to act, with central government subsidies of up to $8,400 US for buyers of zero- to low-emission vehicles. The government plans to phase out the subsidies by 2020, pushing automakers to innovate and boost sales even more.
Domestic companies are benefiting, with Warren Buffett-backed Chinese firm BYD, which stands for “Build Your Dreams”, claiming to be the world’s top electric vehicle maker.
China’s Geely, which owns Volvo in China, is another major player. It has said in the past that it wants to shift 90 percent of its sales to hybrid and electric vehicles by 2020.
Paul Brian discusses the future of the electric car industry
To further discuss the future of the electric car industry, CCTV America’s Mike Walter spoke with automotive analyst Paul Brian.