China wants 5 million electric-cars on the roads by 2020


The Chinese government recently said that it wants 5 million electric cars on the nation’s road by 2020, up from the basically zero it has on the roads today. According to HSBC bank, that will equal to 35 percent of the global electric-vehicle market.

Seems like China, which passed the United States last year as the world’s largest automotive market, is also looking to become the largest electrified one as well. In a new five year plan (ranging from 2011 to 2015), Beijing has pledged that it will do whatever it takes to help China’s car industry take the lead in EVs.

“China’s government is supporting electric-car technology more than any other country on earth,” says Kevin Wale, head of GM China Group.

China is working on getting an electric-car infrastructure setup with the help of local governments and utility companies providing public charging stations. Beijing is already helping out financially with a pledge of $17 billion to the effort. Most of that money includes funds for R&D and the installation of charging stations as well as subsidies of as much as $8,800 to electric-car buyers in 26 cities. The provincial governments will chip in billions more to help out.

At the 2010 Beijing Motor Show last spring, automakers unveiled some 95 electric models.

– By: Omar Rana

Source: CNNMoney