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China set to become world's biggest electric car market


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China set to become world's biggest electric car market

China is set to become the world’s largest car market for electric vehicles and will overtake the USA this year.

The country’s official news agency said last week that it estimates that the Chinese motor industry will sell between 220,000 and 250,000 in 2015.

This means China will become the world’s biggest market for electric vehicles.

Already, global sales are set to increase to 600,000 this year with the American market estimated to offload around 180,000 vehicles.

This highlights how the electric car market is taking off, particularly in the wake of the 13 countries who recently signed an agreement that aimed to ensure that every new passenger car would be zero emissions before and no later than 2050.

The commitment was made by members of the Zero Emissions Vehicle Alliance, which was formed in September, and includes the UK, at a climate change conference in Paris.

The group pledges to promote the global uptake of zero emissions technology and other European members include Germany, The Netherlands and Norway.

However the fact China is forecast to become the world’s biggest electric car market is perhaps not surprising when you consider it has a population of 1.4 billion – a seventh of the world’s population, compared to the USA’s 320 million.

China is already the world’s biggest car maker – selling 23 million cars in 2014. The reason why the country has, however, made great strides in the electric car market is helped by support from the Government which offers subsidies and tax cuts.

In the first 10 months of 2015, the sales of electric cars increased by 290 per cent year-on-year to 171,145 according to industry data.

China is also investing money to the UK economy as the Zhejiang Geely Group is set to spend £250m on a new factory for the London Taxi Company, the maker of the iconic black cab. The company rescued it from collapse in 2012.

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