For his part, Kin Ligg, President of Neo Ink, a Chinese electric car start-up company, said the support for the sector will pave the way for further development.
“We (Chinese companies) are already off to a good start and we need to seize opportunities to compete in the next 10, 20 or more years,” he said.
In 2009, at a time when many other countries were planning to do so, China began to develop the sector in depth. NEVs are expected to increase new car sales by 20 percent by 2025, 40 percent by 2030 and 50 percent by 2035.
Thanks to its clear strategy and generous subsidies, China has been a leading market for electric cars and plug-in hybrids since 2015. The first mobility and the wide market have seen local companies expand their global reach.
For example, BYD, backed by US investor and businessman Warren Buffett, sells the buses around the world, while battery maker CATL is interested in launching electrification campaigns for car giants such as BMW and Deller.
Chinese electric car startups, including Neo and Expedited Motors listed in the United States, are now a major competitor to Tesla in terms of product awareness and products.
Since its launch in July last year, the Wheeling Hong Kong Mini is the most popular electric car in China in terms of style and affordability.
Duan Yan, a representative of the company, said more than 200 car dealers from 70 or more countries and regions would like to sell the model if it is exported.
International car manufacturers are entering the Chinese market and manufacturing industry. Volkswagen, which is introducing five electric car models in China this year, expects their combined sales to reach 100,000 by the end of December.
Tesla is busy building a charging infrastructure for a growing number of Chinese customers. A.D. Produced by the end of 2019, the annual capacity of the Shanghai plant has increased to 450,000 vehicles.
The company said in a statement: “Due to strong US demand and global average cost savings, we have made the Gigabyte Shanghai transition a major vehicle export hub.”
Opportunities for collaboration
China is leading the way in electrification, and the European Union and the United States have announced broad plans in this regard.
This month, the US government has set a target for NV to cover 50 percent of the country’s car sales by 2030.
Major US car manufacturers, including General Motors and Ford, which are expected to make a significant contribution, said the target would be a significant change for the domestic market.
From January to June, such vehicles account for only 3 percent of total sales in the US-China second-largest car market.
In a joint statement, GM and Ford stated that the 50 percent goal “can only be achieved by timely deployment of a complete set of electronic policies.”
This includes “goals, incentives, millions of vehicles representing these targets, investment in research and development, and incentives to support the expansion of electric vehicle manufacturing and supply chains in the United States.”
For his part, Kui Donshushu, secretary-general of the China Motor Vehicle Association, said the major changes in the US electrification will help boost China-led change. There is great potential for cooperation.