Friday, October 07, 2022
By CarKhabri Team
These 5 Tips Can Foster EV Sales In India (Part-I)
When it comes to asking questions related to electric vehicles, only one name, “China”, hits the minds of every person. This is because whether it is the question of which is the largest electric car market in the world or which is the country manufacturing a large number of electric vehicles in the world. The answer is always China. In fact, according to a report published by New York Times, this year, China, will be the largest seller of electric vehicles in the world.
According to the statistics on electric vehicle sales, 5% of the new car sold in the US car market were electric almost five years back. Surprisingly, China achieved this figure back in 2018. On the contrary, despite various efforts made by the government to adopt electric mobility and with some best-selling electric cars, this figure was only 0.7% in 2021-22.
Considering the figures mentioned above it is obvious to ask how China became the leader of the electric car market of the entire world. Can India adopt those measures to increase the sales of electric vehicles in the country and encourage people for adopting electric mobility? Well, before finding the answer to this question, it is important to understand the facts of the electric vehicle market in China.
The EV Market In China is Growing Fast: In recent years China has emerged as one of the fastest and largest markets for electric vehicles in the world. According to an estimate, the sales of electric vehicles in China will grow to 6 million by the end of this year. This sales figure is more than the total number of electric vehicles sold in the entire world. It would be interesting to know that the top 10 electric brands sold in the world are from China.
It is reported that there are more than 300 companies in China involved in the business of manufacturing electric vehicles ranging from low-priced vehicles to high-priced vehicles equivalent to vehicles manufactured by Tesla and German electric vehicle manufacturers. Chinese electric vehicle manufacturing companies BYD (Build Your Dreams) and SAIC stand after Tesla in the world market. With this, the government of China also invests a substantial amount in subsidies for increasing the sales of electric vehicles.
To be continued…..