GM accelerates EV plans in China
- Author: Arturo Norris Apr 22, 2017,
Apr 22, 2017, 21:19
Volvo has three manufacturing facilities in China: Daqing, where 90 cluster cars are produced, Chengdu, where 60 cluster cars are built, and Luqiao, which will produce the new 40 cluster cars.
At the Shanghai auto show, GM unveiled a hybrid version of its Chevrolet Volt which will be manufactured and sold in China under the Buick brand as the Velite 5.It will have two electric motors and a lithium-ion battery and has been rated at 72 miles.
Volvo Cars, the premium vehicle maker, will build its first fully electric vehicle in China, the company announced today at Auto Shanghai in China. Analysts at UBS say the shift from combustion toward electric cars is a 100 billion euros ($107 billion) revenue opportunity for suppliers.
Hyundai's models include the localized version of the upgraded Sonata sedan which was launched in South Korea last month.
China has set a target to get 5 million hybrids and electric vehicles on the road by 2020.
While the Model 3 is set for a launch later this year and deliveries are expected to start sometime early next year, Volvo's new electric vehicle might take a bit longer to hit the market.
"The current development for new-energy vehicles is driven by policy stimuli and consumer needs", said Wang Yongqing, the joint venture's president. This will allow a group of people to collectively buy and own one Lynk & Co. car, and owners will also be able to lease the vehicle out when it is not in use. It looked a bit sleeker and more swept in the initial sketches, but it's still an attractive e-UV, and its 301-hp AWD electric powertrain and 311 miles (500 km) of range only make it more so. The sale would take place in China.
Ford announced plans earlier to manufacture a hybrid sedan, the Mondeo Energi, with a state-owned Chinese partner, Chang'an Automobile Co.
US consultancy Accenture past year released survey results showing some 70% of youngsters in Beijing and Shanghai have an interest in car-sharing, indicating that the shift from ownership to sharing seen elsewhere is happening in China, too.
Regulators jolted the industry by proposing a requirement that electrics account for at least 8 percent of each brand's production by next year, rising to 10 percent in 2019 and 12 percent in 2020.
Indonesia has 250 million people, but U.S. automaker Ford pulled out previous year in the face of Japanese firms' more than 90 percent market share, said David Schoch, CEO of Ford China. Plus government initiatives to drive NEVs are creating a new market.
It plans to sell vehicles in the United States and Europe after its China launch, to compete with global automakers.
Chevy's rough patch comes as local Chinese brands churn out increasingly refined and competitively priced vehicles, in some cases challenging mainstream foreign brands including Hyundai, Ford and Chevy.