The world’s largest auto market is also a mix of first-world and emerging capabilities, and since 2011 its massive population now totaling 1.385 billion absorbed 38,592 electrified plug-in vehicles including cars, buses and commercial vehicles.
We hear a lot of talk about China’s grand plans, and relatively generous subsidies for EV manufacturing and purchases, but it is actually under-performing with 0.08 percent of the total market consisting of plug-in vehicles.
The penetration rate, is just 0.03 PEVs per 1,000 people.
BYD says it’s planning also distribution to other key global markets.
Within China’s market, a new round of subsidies in September by the central government led to a bullish 60,000-80,000 unit sales projection for this year by Ye Shengji, deputy secretary-general of the China Association of Automobile Manufacturers.
What ever it does in the near term, China’s sheer size, and desire and determination to grow will certainly see it ascend as time goes on, and there’s no telling how high it will ultiimately climb.