Data Shows That China is Buying More Electric Cars Than Anyone Else: Report
The money-making market is also a forward-thinking one.
Last year, over one million electrified cars were sold around the world. The number of Nissan Leafs, Teslas, and other electric vehicles in circulation worldwide is more than three million, which is a 50 percent increase over 2016.
China bought 579,000 electric vehicles, beating the United States' figure of 198,350.
The country’s electric car boom comes as a result of China grappling with pollution and climate change worries. In addition, leaders want to move away from gasoline as the nation’s dependence on foreign oil has been viewed as a strategic vulnerability, per various reports. China is even considering ending the production and sale of gasoline-powered vehicles in the future.
Currently, China is incentivizing the purchase of electric vehicles and hands a 10 percent tax rebate to NEV buys. Provincial governments are reportedly providing subsidies to EV buyers as well.
The populous nation is also bringing in tougher emissions rules and introducing quotas for 2019 that will force manufacturers to buy credits or face fines if they miss zero and low-emission targets for cars. Battery powered cars are taking up most of the demand as there are more subsidies for them than hybrids.
Previously, China aimed to become a global motor hub for gasoline vehicles but was unsuccessful. According to Bloomberg, there is greater chance that China will become a manufacturing contender with electric vehicles due to the expected surge in Chinese demand. The industry’s youthfulness might also help.