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Chinese LSV Low Speed Vehicle sales soar as foreign auto makers look to expand capacity in China
- Aug 29, 2018 -

China's adoption rate of electric vehicles is outpacing that of other countries, driven by strong domestic policies, foreign media reported.

Electric vehicles accounted for nearly 4 per cent of China's passenger car sales in the second quarter, up from less than 1 per cent three years ago.

In addition, electric vehicles account for about 2.2 percent of European sales and 1.6 percent of north American sales.

Sales, Chinese electric vehicle sales, Chinese auto sales, foreign auto makers' capacity in China

China's rapid growth in electric vehicles looks set to continue.

Sales of electric vehicles in China are typically strong in the fourth quarter, bloomberg said, and Chinese automakers will have to sell a percentage of "new energy vehicles" starting in 2019 under a quota system similar to California's long-established zero-emission vehicle points system.

Automakers that fail to meet sales targets will have to buy new energy credits from competitors.

China accounted for 47 percent of the global electric vehicle market in 2017, and that share is expected to rise to 55 percent in 2018.

Nissan, meanwhile, plans to invest $900m in new assembly plants in China, boosting its capacity there by 40 per cent by 2021.

The plan is part of nissan's $8.73bn strategy to become one of the top three foreign car companies in the Chinese market.

Nissan and its Chinese joint venture partner dongfeng motor group plan to invest about $900 million in capacity expansion in the coming years, according to a person familiar with the matter.

That would increase nissan's annual capacity in China to 2.1 million units.

Nissan plans to use the new output to make electric cars and gasoline cars for the nissan brand and its Venucia brand, which is only sold in China.

Rival Toyota plans to add 240, 000 vehicles a year in China over the next few years, an increase of about 20 per cent.

Toyota currently has an annual capacity of 1.16 million vehicles in China.