(Yicai Global) Nov. 13 -- China’s electric vehicle market will explode over the next five years and have 80 million EVs on the road, Chen Qingtai, chairman of China EV100, a domestic initiative looking to push new-energy vehicles, said at a global future mobility forum.
He believes electric vehicles will grow at an astounding speed over the next five years and could even match or surpass the cost performance of traditionally-fuelled vehicles.
Chen called for the government to facilitate market access for electric vehicles on a large scale, support mobile communications, adjust the industrial chain, enforce relevant laws, build smart grids and improve infrastructure.
“Setting a timetable is a wise choice for the government, as we’re on the clock,” he added.
Auto firms that failed to transform will be overturned by general development and regret missing this pivotal period, Chen said, adding that it will soon be too late to make the change.
Electrification is just the first step in the industry’s reform, he continued. Going forward, electric vehicles will integrate with online data to advance further still. China in particular is likely to take the lead in this emerging field due to its small amount of industrial barriers.
Chen appealed for online data companies to seize this opportunity to get involved in the auto market, and recommended traditional automakers take notes from Changan Automobile Co.
China made more than 500,000 new-energy vehicles in the first ten months of this year, up 45 percent annually. Sales volumes of such vehicles could reach as high as 700,000 for the whole year.