China electric car market is anticipated to grow at a significant CAGR during the forecast period (2019-2025). In 2020, a positive single-digit growth compared to last year was witnessed in the EV sales in China. The country updated its fuel economy standard for light-duty vehicles for 2021-2025 in January 2020 for the country's new vehicle fleet in 2025. Through a fuel economy credit scheme, OEMs are obliged to reach that target or cover any credit deficit through transfers, past carry-overs, or NEV credit surplus.
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For reaching that target key car manufacturers such as SAIC Motor Corp. Ltd., and BAIC Group are adopting different growth strategies such as mergers & acquisitions, partnerships, and collaboration among others. For instance, in January 2021, Alibaba and SAIC Motor Corp. Ltd., have collaborated to launch an all-new automotive brand Zhiji Auto / IM for Sedan. The sedan features a streamlined design and an intelligent lighting system which reportedly consists of 2.6 million pixels of light. Besides the high-tech lights, the sedan has flush-mounted door handles and aerodynamic wheels. Further, in the same month, China’s search engine Baidu teamed up with carmaker Geely to make Smart EVs. With this collaboration, the company intends to launch smart electric cars in the country.
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China Electric Car Market Report Segment
By Vehicle Type
By Propulsion Type
By Battery Type