China’s electric vehicle industry on the fast track

21. January 2021

In China, more and more new car buyers are opting for an electric car, this speaks to the rapid development of the country’s electric vehicle industry. The production and sales of electric cars in China is equivalent to half of the global market. In September 2020, sales of electric cars sold in China grew 67 percent year-on-year. Despite being affected by the Covid 19 pandemic, many Chinese electric vehicle manufacturers increased their production and sales figures. Investors were also pleased with last year’s performance. In November, the share price of NIO, an electric vehicle startup, was close to $50, and the company’s market value was over $60 billion. This means the young company is outperforming many international established automakers.

 

 

State Development & Investment Corp Ltd. chairman Gao Guohua said Chinese brands had difficulty competing with foreign manufacturers in the past. In the meantime, however, many companies have evolved and are using proprietary software and powertrain components made domestically, Gao added. Li Bin, NIO’s founder, said they have invested about $3.05 billion in research and development since the company’s establishment, as well as the same amount in customer service and brand awareness. NIO now sells more than 10,000 vehicles per quarter.

Meanwhile, numerous high-tech and Internet companies from China teamed up with the automotive industry to promote the joint development of electric vehicles. Alibaba, the Chinese Internet giant, and Chinese automaker SAIC Motor jointly developed the Banma car operating system, which provides intelligent and connected solutions for the entire automotive industry. In the area of CCC certification of automotive parts and vehicles, Chinese requirements are particularly high. The certification of a complete vehicle is a complex project that requires professional support at all stages.

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