China’s push into the electric vehicle industry

This appeared in The Millennial Source

China has made a point of investing in the EV industry. The world’s largest car market produces more than 50% of the world’s electric vehicles, dwarfing American EV production.

US$12,000 is a lot to pay for a license plate. But if you want to own a car in Shanghai, there are few other choices. Recent years have seen a push to reduce traffic in the Chinese metropolis that is home to more than 20 million. Shanghai isn’t the only city to introduce such strict measures. In Beijing, one must win a lottery in order to obtain the coveted license plate needed to drive.

If you live in a high-traffic megacity like Beijing or Shanghai, the prospect of obtaining a license plate is at best financially damaging and at worst like winning the lottery — unless you’re willing to drive an electric vehicle (EV). For those drivers in the market for an EV, the high cost for obtaining a license plate is waived and the likelihood of receiving one is much more likely.

Why are Chinese consumers buying EVs?

China has made a point of investing in the EV industry. The world’s largest car market produces more than 50% of the world’s electric vehicles, dwarfing American EV production. Chinese consumers are also more willing to…