World news – China’s electric vehicle market is moving into the fast lane

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Tuesday, January 05, 2021

Growth market: The Tesla Inc Gigafactory can be seen in this aerial photo taken in Shanghai. The US EV maker is about to launch its Model Y, made at this plant, as it shipped nearly 500,000 cars worldwide in 2020. – Bloomberg

SHANGHAI: China’s electric vehicle (EV) market is poised to shift into high gear in the New Year as automakers scramble to come up with lucrative deals to attract eco-conscious buyers and aim to be carbon neutral in the coming years.

The US EV manufacturer Tesla will shortly launch its Model Y, manufactured at its Shanghai plant, the company announced on Saturday, when it will almost Delivered 500,000 cars.

The automaker said production of the Model Y, a compact crossover sport utility vehicle, began at its Gigafactory 3 in Shanghai’s Lingang specialty area. Shipments are expected to begin shortly.

Thanks to a record high in the fourth quarter, Tesla almost managed to hit the 500,000 mark. In the three months to December, 180,570 cars were delivered – 30% more than the previous quarter.

The company has not released sales by region or model. The newer models 3 and Y, however, have combined to a significantly larger extent in their portfolio. Production reached 454,932 units and delivered 442,511 units.

Development came just one day after the automaker announced it was taking orders for its China-made Model Y at lower-than-expected prices.

The long range model , which can travel up to 594 km on a single charge, starts at 339,900 yuan ($ 52,091). The Performance Range model with faster acceleration costs 369,900 yuan.

Prices are competitive enough to drive demand for Tesla in China, said Bill Russo, founder and CEO of consulting firm Automobility.

« China will will drive Tesla’s global growth more than ever in 2021, « said Sharon Li, analyst at JL Warren Capital, in a recent statement.

China, the world’s largest automotive market, is committed to bringing new energy vehicles, including Plug-in hybrids and hydrogen fuel cell vehicles will account for 20% of car sales by 2025, up from around 5% in 2020.

Competition in the country’s burgeoning EV market is intensifying as domestic and foreign players are emission-free Cars to reduce pollution revealed as China pursues its long-term goal of carbon neutrality by 2060.

Local players like Nio, Xpeng and Li Auto have joined the EV-Kam pf, with sales soaring and stocks increasing.

For example, stock prices for the New York-listed Nio have increased twelve-fold over the past year.

While the country continues to support the development of the sector, it has started to reduce the subsidies for NEVs by 20% this year.

Despite the reduction, the national subsidy system was essentially extended by two years from the end of 2020 to the end of 2022 to include « the amount covered by the Covid-19 Pandemic and the global auto industry downturn affected auto market ”. the International Clean Transportation Council said in a recent report.

It added that new combinations of national and local policy instruments are expected in the post-subsidy period. – China Daily / ANN

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