Given China’s astonishingly rapid rise in the global auto industry, there is no shortage of optimistic forecasts for its electric vehicle (EV) market. Consultants at McKinsey, for example, forecast that by 2030 EV sales in China will reach between RMB 700 billion and RMB 1.5 trillion (US$105 billion and US$225 billion), making China the world’s largest market for EVs as well as for vehicles with conventional internal combustion engines.
Such bullish predictions owe much to the support of China's government for EVs. Beijing intends to invest RMB 100 billion in the next 10 years on domestic EV development.“China has great potential to lead the [EV] market because it is in the national interest to go electric, for many reasons: Energy security, air quality and escalation of its car population,” says Bill Russo, senior adviser at consulting firm Booz & Company and former head of Chrysler China.
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