China invests $16 Billion in EV

The Chinese government have proposed a new $16 billion investment which would stimulate growth in the country’s electric vehicle (EV) market.

According to a GlobalData report, China currently has over 70,000 EVs on its roads but is planning to increase this number to five million, including plug-in hybrid vehicles, by 2020. Strategic planning and the country-wide installation of DC and level-2 charging will play a key role in achieving this target while also encouraging motorists to buy battery EVs in addition to hybrids.

“Road charging infrastructure will be improved mostly by investment in level-3 charging infrastructure” the report adds.

The level-3 infrastructure, coupled with BYD Daimler New Technology Company and ABB’s affordable residential level-3 charger, this will help boost the installation of these chargers in the country. China is currently responsible for more greenhouse gas (GHG) emissions than any other country but is likely to start limiting its carbon emissions in 2016 as part of its five-year plan. The country already has a cap on emission intensity and depends on imports to fulfil its energy requirements.

The Chinese government has also been investing heavily in green energy in an attempt to curtail emissions and limit the country’s dependency on fossil fuels. China has been encouraging the adoption of EVs to reduce emissions from the transport sector since 2001, but the market is still in a nascent stage and EVs account for a negligible share of vehicles on the road. So far, countries such as the Netherlands, Estonia and other EU countries have achieved a much higher EV penetration.