China Electric Vehicle Sales May Soon Outpace US
Chinese Government Gives Large Subsidy to Promote Electric Vehicle Sales
Who’s leading the world in electric vehicle sales right now, China or the US? And who will lead in the future? A report from Pike Research is predicting that China will pull ahead of the US in electric vehicle sales by 2015.
In June, the Chinese government announced a generous, direct to consumer subsidy of up to 60,000 yuan, almost $8700, to promote electric vehicle sales in four cities in China, Changchun, Shenzhen, Hangzhou and Hefei. And this month China announced an overall subsidy of more than 100 billion yuan, or $14.8 billion, to further the country’s development of energy efficient vehicles over the next 10 years.
Global electric vehicle sales reached 940,000 units this year, an increase of 28% over last year’s 732,000 units, according to J.D. Power. These statistics include hybrid cars. But with the infrastructure of public charging stations slated to be installed in both the US and China, growing acceptance of both pure EVs and hybrid cars is pushing manufacturers to provide more options.
China is anticipating one million electric vehicle sales by 2015. And the Pike Research study predicts about 840,000 EVs on the road in the US. The US is expected to lead the world in hybrid sales, with 2.3 million units sold by 2015. Hybrid sales in China will lag behind at an estimated 850,000.