With the growing awareness of Electric vehicles amongst the automobile companies, the auto companies are in it’s all time low business.
According to the sources, investment in electric vehicles continues to rise, but overall sales hit their peak two years ago. According to the latest news from the trusted sources, General Motors Co.
And LG Chem Ltd. announced this week that they will jointly invest more than $2 billion in a new plant for electric vehicle batteries in Lordstown, Ohio.
This will not only be beneficial for both the companies, but will also create more job opportunities. The companies is supposed to hire 1,100 workers, which is about the same number that GM laid off after idling its compact Cruze model factory in Lordstown earlier this year.
The intentions of the company is to impart technological advancement and improvisation to cater the growth in electric vehicles, and the batteries business, involved within. Even China’s central government just released its latest plan for new energy vehicles (electric, plug-in hybrid electric and fuel-cell vehicles).
The plan is a doubling down with a broader strategy of integrating EVs into the power grid and logistics fleet while increasing sales. It could be a welcome boost for the world’s biggest auto market.
Now according to the news, from BloombergNEF experts, expect that this year upto 2.2 million EVs sold this year, which is an increment of 12% from last year.
China’s market is up 30% year on year, even with a year-on-year drop in the third quarter, according to automobile expert giants. As per the data published by news organizations, last quarter, EVs sales were 4.4% of China’s overall passenger vehicle sales.
Based on the fourth quarter report, China’s EV market has recorded its first downturn in this year. China, as the data above show, is a significantly bigger passenger vehicle market than every other in the continent combined.
Japan, the second-biggest passenger vehicle market, is not quite a quarter the size of China’s. Sources pinpoint that India, according to the latest available data, was half the size of Japan’s in terms of passenger based vehicle market.