Sections

ideals
Business Essentials for Professionals

More Than 40% New China Launches In Next 5 Year Will Be EVs: GM


08/19/2020


More Than 40% New China Launches In Next 5 Year Will Be EVs: GM
United States based auto manufacturing giant General Motors Co is planning on flooding the Chinese market with a large number of electric cars. The company said that it plans to offer more than 40 per cent of its new launches in the Chinese market to be comprising of electric vehicles (EVs) over the next five years, US carmaker said on Wednesday.
 
The car maker said in a statement released at its Tech Day event in Shanghai that many of the electric vehicles that would be offered by it in China would be all-electric battery cars and all of the models would be assembled in the country. It also said that supply of most of the parts for thee manufacturing of the electric cars would be sourced from local Chinese suppliers. 
 
China accounts for almost one fifth of the total profits made by GM globally, but demand and sale for its vehicles in the Chinese market had been sliding in recent years after recording consistent growth for more than two decades. Analysts believe that its plan to launch the slew of electric cars and other models in the market was an effort to stem that slide through an overhaul its Chinese line-up.
 
A key role in GM’s China initiatives could be played by new technologies, such as EVs and cars with near hands-free driving for highways, GM’s new China boss Julian Blissett told the media in an interview recently. The company has set a target of re-achieving its previous sale levels in the Chinese market which peaked in 2017 with the sale of more than 4 million vehicles.
 
The number of new or significantly redesigned models the company was planning to launch in China over the next five years as not clarified by GM in its statement.
 
“China will play a crucial role in making our vision a reality,” GM CEO Mary Barra said in the statement, referring to its initiative to create what it describes as a future of “zero crashes, zero emissions and zero congestion” through electrification and smart-driving technologies.
 
By 2025, a total investment of more than $20 billion in electric and automated vehicles globally is planned to be made by GM, the US car maker has previously said. It was not clear how much of that investment will be spent in China.
 
(Source:www.nytimes.com)