“New green policies so hard-hitting and extensive they can be felt across the world.”

China wants to dominate the global electric-vehicle industry

#Driving

Wed, Mar 14th, 2018 11:00 by capnasty NEWS

According to Bloomberg, China is diligently working in reducing pollution in its country and is doing so quite aggressively — already particle counts are lower now than they were in 2015. But the real goal may be for China to become the dominant leader in the electric-vehicle industry. China already sells more EVs than Tesla.

The government’s war on air pollution fits neatly with another goal: domination of the global electric-vehicle industry. Elon Musk’s Tesla Inc. might be the best-known name, but China has been the global leader in EV sales since 2015, and is aiming for 7 million annual sales by 2025.

To get there, it’s subsidizing manufacturers and tightening regulation around traditional fossil-fuel powered cars. Beneficiaries include BYD Co., a Warren Buffett-backed carmaker that soared 67 percent last year and sold more cars than Tesla. Goldman Sachs Group Inc. has a buy rating on shares of Geely Automobile Holdings Ltd.

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