Leading Trend for Growth on China’s EV Market
Shanghai, China, June 14, 2018 - With China’s booming economy, rising awareness for health and environmental issues, strong government support, initiatives and investments by OEMs (original equipment manufacturer), undoubtedly mainland China has become one of the world’s biggest market for electric vehicles (EV). “Till 2020, Chinese local Manufacturers expected to account for 58% EV Market Share in China”, Dr. Henning M. Hauenstein, CEO of Datang NXP Semiconductors(below short for “DNS”) which’s the first Chinese automotive semiconductor company, said in a recent automotive conference in New York.
According to Dr. Hauenstein, from 2013 to 2017, China has experienced the huge increase in PHEV & EV car market. In 2017, pure EV car sales increased 277% compared to last year. And according to Chinese government, EV should account for 8% of the passenger vehicle market by 2018, 10% by 2019 and 12% by 2020. Beyond overall market increase, big market potential also attracted more players into the market, except traditional brand BYD, SAIC, more investment and players entered into the market, such as NIO, LeapMotor, which will bring more opportunity as well as challenges to drive the market.