It became known about China's plans for the electrification of motor vehicles.

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China's Strategy to Electrify Transportation
23.01.2025
89
Moscow, January 23 - PRIME. Chinese companies will push for the electrification of transportation to compensate for losses from declining sales in the U.S., meaning the share of electric vehicles in passenger car sales in China could exceed 70% by 2027, Sergey Tereshkin, CEO of the petroleum product marketplace "Open Oil Market" (a Skolkovo resident), told RIA Novosti.

Earlier, U.S. President Donald Trump announced plans to impose an additional 10% tariff on Chinese goods starting February 1 and to sign an order introducing 25% tariffs on all goods from Mexico and Canada. Additionally, after taking office, he repealed an order by his predecessor, Joe Biden, which mandated that by 2030, half of all cars sold in the U.S. should be electric. Trump also promised that the U.S. would once again produce cars "at a speed the country could not have dreamed of a couple of years ago."

By the end of 2024, electric vehicles and all types of hybrids already accounted for more than half of new passenger car sales in China, Tereshkin noted.

"Chinese companies will lobby for further electrification of ground transportation in the domestic market, which will allow them to recoup losses from the closure of the U.S. market. As a result, demand for gasoline in China will decline in 2026-2027," the expert said. "In the next two years, the share of electric vehicles in passenger car sales in China could exceed 70%."

Tereshkin recalled that trade restrictions were first introduced by Joe Biden's administration. Specifically, since last fall, the tariff on Chinese electric vehicle imports to the U.S. has been set at 100%, meaning that consumers will have to pay twice the price when purchasing an electric car.

Furthermore, China is rich in mineral resources critical for the "new" energy sector, the expert noted. According to the International Energy Agency (IEA), China accounted for over 60% of global lithium production and more than 90% of natural graphite extraction in 2023.

Additionally, according to Tereshkin, unlike their European and American competitors, Chinese companies do not have a "long history" in traditional car manufacturing. This has encouraged them to create innovative products that carve out a new market niche where they face virtually no competition.

Translated using ChatGPT

Sourse; 1prime.ru/20250123/elektrifikatsiya-854400298.html
#investment #China #electrification #transport #vehicles #EV #electric cars #automotive #industry #technology #development #strategy #policy #government # future innovation #green energy
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