New Energy Vehicles in China Bringing a Paradigm Shift
China has become a prominent name in the international automobile market. Now, the country is focusing on to be a leader in manufacturing of new energy vehicles or NEVs. Though at present, the market is in its nascent stage but China’s Government has ambitious plans for the growth of this industry. The government is taking various initiatives as subsidies and tax rebates to attract more customers and create a wider market for these vehicles. Moreover, foreign players, Toyota and Ford Motor Co. are also stepping up their green car businesses in China. Owing to the above factors, the overall sales of automobiles in China is anticipated to grow at a CAGR of around 19% during 2011-2014.
