China plans to have electric vehicles account for one-fifth of new car sales by 2025, a goal that is expected to be achieved three years earlier this year. Electric or hybrid vehicles are expected to account for a quarter of new car purchases this year. There are more than 300 companies producing electric vehicles in China, providing consumers with vehicles of all price points. There are currently about 4 million public charging points across the country, doubling from a year ago, with many more under construction. At a time when other countries’ EV markets still rely heavily on subsidies and financial incentives, China has entered a new phase: consumers are weighing EVs versus gasoline-powered vehicles on the basis of features and price, with little regard for the country subsidy. China is already one of the world’s largest and fastest-growing electric vehicle markets, and sales of new energy vehicles are expected to double this year to about 6 million, more than the rest of the world combined.
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