Dear MEL Topic Readers,
China made a bet decades ago because it couldn’t compete with the US on cars. That bet is paying off big
Unlike the oil-rich United States, China depends on imports for oil. In order to reduce geopolitical liability, China has been promoting electric transportation and has become number one in the world, including subways, high-speed railways, and electric vehicles. They can be powered by homegrown electricity, including coal, solar, hydro, and wind. Of the record 31 million new cars sold in China last year, New Energy Vehicles (NEVs), including Electric vehicles (EVs) and Plug-in hybrid electric vehicles (PHEVs) sales represented over 40%, about 12.8 million. It is expected the figure will rise to reach 50%, around 16 million this year, representing over 70% of the world NEV market. NEVs require new infrastructures, including power stations and power generation. In addition, to design and produce competitive and affordable NEVs, technologies and resources are needed, such as batteries, software, engineering, and suppliers, most of which are now domestically supplied. While other big car markets, the USA and Europe have pulled off the plug to incentivize or promote NEVs, China is on its way to becoming the number one NEV market and supplier to the world. Which country is now taking new initiatives to reduce fossil fuel consumption?
https://edition.cnn.com/2025/01/23/climate/china-evs-growth-oil-market/index.html
No comments:
Post a Comment