Electric vehicles will account for three out of five new cars on China’s roads by 2030, UBS forecasts
- The Swiss bank predicts that 10 years after that, all new cars around the world will be powered by battery packs
- The forecast indicates a faster take-up rate than the Chinese authorities are targeting
The Swiss bank expects China to sell 6.6 million electric cars in 2025, about 25 per cent of all new cars, rising dramatically to 18 million, or 60 per cent, by 2030.
The forecast is more optimistic than the goal set by the Chinese government for the world’s largest automotive market.
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Last year, the Ministry of Industry and Information Technology unveiled a road map for the country’s EV development, targeting half of new cars on the country’s streets to be new-energy vehicles (NEVs) by 2035.
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“It is a highly competitive market with an efficient supply chain,” Paul Gong, a UBS analyst, said. “You get both conventional carmakers and start-ups in the market. It is a fast-moving and dynamic market.
“There are more carmakers competing in the China EV market than any other region and more EV models available in China than any other regions. [We see] active involvement by tech giants as well, either through investment, or development of software and components, or contract manufacturing.”