In an attempt to
outpace the global production of electric cars, many Chinese car manufacturers
are investing in setting up production facilities to roll out the finished
goods before other major carmakers across the world.
Many electric car
companies such as Xpeng Motors, Nio, Volvo, Evergrande and Volkswagen have
already built huge factories and assembly plants in different parts of China to
produce full-fledged electric cars at a short notice. Major carmakers,
start-ups and electronic manufacturers are betting big on the electric car
segment and are confident that people will spend $40,000 on these cars even if
they are not familiar with the manufacturer’s name.
global data firm LMC Automotive, by 2028, China will be manufacturing over 8
million electric cars a year. It further adds that 2028 will see Europe making
5.7 million fully electric cars, whereas North America will be producing 1.4
million cars. The Chinese electric vehicles (EV) industry is looking to capture
and gain from this momentum.
government is already preparing the country’s infrastructure for electric cars
and has rolled out 800,000 public charging stations—double the number compared
to the rest of the world.
While the market
for fully electric cars is slowly increasing, carmakers are still manufacturing
petrol and diesel engine cars in large numbers. Because of the slow
deployment of charging stations in other countries, automakers
continue manufacturing plug-in hybrid cars with small gasoline engines. Major
players such as General Motors plan to eliminate gasoline and diesel engines in
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