A new report says China will be the major driver of the development of electric vehicles over the next five years.
The Electric Vehicle Market in China 2016-2020 report says the electric vehicle market in China is forecast to grow by more than 30% during the period 2016-2020, the rapid growth being primarily fuelled by government subsidies.
The report saying that the monetary subsidies on offer from the Chinese Government are making EVs competitively priced there.
Factoring in the huge population and the rapid increases in car ownership among that population, the report says this has made China one of the most attractive markets for global automakers.
Interestingly, the report says it will be Chinese car brands that will most likely capture most of those increases in EV sales in China, including brands familiar to Australian car buyers; Geely, Chery and Great Wall Motors.
While the major challenge that will face all car manufacturers, according to the report, is winning over customers concerned by the range of travel offered by EVs.
You can read the full report here.