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China Could Launch $16 Billion EV Charging Project
China's central government may spend as much as 100 billion yuan to build a national electric vehicle charging infrastructure, according to Bloomberg News.
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China's central government may spend as much as 100 billion yuan to build a national electric vehicle charging infrastructure, according to Bloomberg News.
Unnamed sources tell the news service the enormous project will be announced soon. But they have declined to say how the plan would work or how long it might run.
China wants to put 500,000 EVs and plug-in hybrids on the road by the end of 2015. But Bloomberg says only about 70,000 such vehicles have been sold so far. Analysts blame the gap on high retail prices and a lack of charging stations.
EV makers including BMW, BYD, Nissan and Volkswagen are bullish about their future in China. BMW has predicted that government support will make China the world's biggest EV market by the end of 2019.
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