While the impact of the epidemics on the market is likely to take time to be overcome, the growth of the electric sector is still a priority for China, who don’t want this industry progress to be concealed by the epidemic consequences. That’s why the central authority and local governments announced policies aimed to fund the automotive sector: in fact, while the reduced purchasing power will retain many from buying a new vehicle, causing a decline in car sales up to 10% this year, the electric vehicle sales could at least be doing a bit better. That could be achieved thanks to the government investments, especially in the battery charging infrastructure, which is often cited as a reason for not buying an electric car.
Quality will be the focus for the sector to succeed on the market; Tesla – which has a factory in Shanghai – is the benchmark to refer to: the Chinese company Nio is ready to compete, saying the worst of Coronavirus impact is already over, with sales recovery already happening in the second half of March. The announced investment of around 7 billion RMB will help in this direction. For Chinese companies’ the goal is to increase the new energy vehicle options on the market up to a quarter in the next five years.
Exhibitions are an unmissable occasion to stay up to date on what’s going on in the electric car market and an essential opportunity for companies from the automotive to become known, as well. From the China International Technology Symposium and Exhibition on Hybrid & Pure Electric Vehicles and Key Components (to be held in Beijing on next September), to the Shanghai International Electric Vehicle Supply Equipment Fair (hosted on August the 26-28th) to the Automechanika Exhibition (in December), focused on innovative technological equipment for the automotive sector, to the SAPE Autoparts in Chongqing: the electric and innovative vehicle-related exhibitions are increasingly widespread in China. Make sure not to miss them!