The popularity of electric vehicles is at an all-time high in China. Last year, the total sales of electric and plug-in hybrid vehicles accounted for four times as much as that of those in the United States. It is expected that the margin will only grow wider this year.
This shift in trend can be attributed to the fact that over the course of the next two decades, China is planning on moving away from gas-powered vehicles completely. As China is the world’s largest car market, the shift to absolute battery-powered all-electric mobility is expected to have a substantial effect on the auto industry, at a global scale.
China is the world’s largest industrial country and this move has been engineered to promote the growth and therefore, investment opportunities into its automotive and battery manufacturing industries. In context of public interest, major cities will benefit from this change as it aims to reduce hazardous air pollution, heavily. China believes that with this initiative it will also gain a competitive edge over its international rivals.