China consolidated its lead in electric-vehicle technology last year, building 43 pc of all EVs manufactured worldwide.
According to a report by management consultants McKinsey, China also manufactured 25 pc of the world’s fuel cells and 37 pc of all electric motors.
“The future of electric mobility is decided in China,” senior McKinsey partner Nicolai Mueller said in a press release.
He noted that, though China isn’t yet the biggest market for EVs, it has surpassed the US in EV fleet size. To date, more than 650,000 EVs have been registered in China.
In terms of sales, China is in fourth place after Norway, the Netherlands and Sweden. But sales soared 69 pc to 352,000 vehicles last year.
McKinsey cited three factors for the sharp increase: China offers more variety in EV models than any other country; The Beijing government, worried about air pollution, is offering a range of direct and indirect incentives for EV buyers; and the country’s battery charging infrastructure is being expanded massively.