Recharging China’s electric-vehicle aspirations

Despite setbacks, the country’s strategy for building an electric-vehicle industry could still get back on track. China understands that embracing electric vehicles could help it not only to manage its energy dependency and environmental challenges but also to build a car industry that could leapfrog its global competitors in this emerging sector. But progress toward that goal has been disappointing, and the country needs a new strategy, McKinsey research finds. Automakers have produced only a fraction of the vehicles once expected. Ownership has fallen far short of projections, and the needed infrastructure has failed to materialize. Notwithstanding massive investment in battery R&D by automakers and suppliers, few vendors are qualified to provide batteries to the industry. See full Article.