China Electric Vehicle Market is projected to grow at a significant CAGR of more than 17.0% during the forecast period (2019-2025). The factors that propel the growth of the market include the growing the demand for electric vehicle. Tesla is selling more EV in an hour as compared to other EV companies. Build Your Dream (BYD), a Chinese EV company is after the Tesla. As per the sales volume recorded in company’s annual report 2020, Tesla sells 42 EVs in an Hour and BYD sells 26. BYD and Daimler together produce a brand Denza. They together also develop electric buses for Scandinavia and electric garbage trucks for California.
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Further, in January 2021, Chinese startup Nio launched a new electric vehicle model ET7. It is self-driving technology model. The model was launched due to Tesla started to sell more China made Model Y, a sports utility model in the Chinese market. Chief Executive William Li said that Nio’s new battery technology will drive the ET7 model to grow and it has range of over 1,000 km between charges. Apart from it, BYD’s two cars are most popular, the Tang and Han. The Tang SUV model offers range of 503 km and 0to 62kmph in 4.6 seconds. The Tang SUV model is similar to the model of tesla, Model X, in performance. Similarly, The Han is similar to the model of tesla, Model 3. There are various models of the Han including plug-in hybrid and it uses Lithium Iron Phosphate batteries which are safer and economical. Thus the companies initiatives towards the developments of the electric vehicle is growing the EV market in china.
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China Electric Vehicle Market Report Segment
By Vehicle Type
- Passenger Cars
- Commercial Vehicle
- Two-Wheeler
By Propulsion Technology
- Battery Electric Vehicle (BEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
By Battery Type
- NiMH
- Li-Ion
- Others
Company Profiles
- BMW AG
- BYD Co. Ltd.
- Chery Automobile Co., Ltd.
- General Motors Co.
- Honda Motor Co., Ltd.
- Lucid Motors, Inc.
- Nio Ltd.
- Nissan Motor Co.
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