provide a concise summary of the EV and related issues
China has set an industrial policy with the objective of becoming the largest EV developer and manufacturer in the world, enabling the country to leapfrog internal combustion engine (ICE) technology and go straight to electric transport. China is the world’s second largest consumer of oil behind the U.S., which historically has led the ICE vehicle market, and ahead of Japan, the leader in hybrid technology. By 2020, China is expected to rely on 65% of foreign oil imports.
HSBC research predicts that China’s share of the global EV market will grow from 2.7% this year to 35% by 2020. During this time period, China will overtake Japan by 2016 and the U.S. by 2019 in dominating the global EV market.
Better Place and Chery will jointly develop switchable-battery EV prototypes with the goal of securing regional Chinese government EV pilot projects.