BERLIN - The Chinese car market showed extremely strong growth in 2016, growing by 15 percent year-on-year, the German Association of the Automotive Industry (VDA) reported here on Friday. "We have raised our China forecast again and now expect a volume of 23.1 million units," VDA president Matthias Wissmann said at the annual press conference, adding that the Chinese car market was expected to grow by a further 5.0 percent to 24.2 million in 2017. According to VDA, the car market
China is set to encourage domestic electric car battery manufacturers to expand their production scale, following the introduction of a new action plan for the industry in Beijing on Thursday.The plan could lead to technological innovations that might ultimately benefit manufacturers of new energy vehicles in the form of lower production costs, which would also benefit customers.The Vehicle Traction Battery Industrial Development Action Plan set out an industry-wide target of 100 GWh capacity
The global electric vehicles market is expected to grow as consumers around the world are seeking to lower their fuel expenditure. Growing government initiatives, rising environmental concerns and availability of electric vehicles at affordable prices are some of the factors affecting market growth. In terms of revenue, the market for electric vehicles (on-road) was valued at USD 83.54 billion in 2012. Rising prices of fossil fuels coupled with the environmental impact of the petrol
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