China is the largest automotive market in the world and has also been the largest market for electric vehicles. With car companies constantly looking to increase their share of the EV market here, BMW AG has recently announced plans to build 360,000 EV charging stations across the country to allow for wider acceptance of battery-powered offerings.
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It is flooded with global and local operators offering a long list of electric vehicles in the Chinese market. While Tesla is firmly committed to the market, other international rivals like Volkswagen, Mercedes and BMW want to play bigger. Implementing load infrastructure is a key way to ensure a demonstration of commitment.
With China’s goal of becoming carbon neutral by 2060, BMW clearly has a lot of potential for its EV business. “As a nationwide company with a large footprint in China, BMW is fully contributing to the transition to a low-carbon economy, placing sustainability at the core of our China strategy,” said Jochen Goller, CEO of BMW China. .
BMW has a joint venture with China’s Great Wall Motor Co. and production is expected to begin in 2023. According to plans, BMW will also present 12 full-battery BMW and MINI models in the country over the next two years. As sales of electric vehicles grow in proportion to sales of conventional vehicles, it is likely that newer models will be invented, but support infrastructure will also be a key issue for buyers.
The China Passenger Car Association pointed out in May that one in five cars sold in the country is an electric or hybrid vehicle. Cities like Beijing, Guangzhou, Shenzhen and Hangzhou are the leaders, but EV access is also reaching out to smaller cities and towns. (Read the full report here)
So while local companies remain a force to be reckoned with and Tesla has quite a bit of leadership, there is still a long way to go for others to increase their games.
(With Bloomberg tickets)
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