Government subsidies for innovation
Posted: Tue Jan 21, 2025 4:14 am
The state closely monitors innovative developments in the automotive industry. Large funds and preferences are allocated for promising startups. Great attention is paid to electric cars and cars with hydrogen engines as the most promising.
Back in 2009, Chinese authorities introduced subsidies portugal telegram number database for new energy vehicles. Last year, the country accounted for about half of global sales of such cars. Toyota estimates that total hybrid sales in China exceeded 1 million units.
In 2019, new energy vehicles accounted for 5% of all new vehicle sales in China. The proportion will gradually increase until it reaches 50% by 2035. At the same time, in this category of transport, more than 95% of new vehicles should be electric by that date.
High competition
Competition forces companies to improve the quality of their products. It is not profitable to produce cheap but impractical cars. Manufacturers compete with each other, implementing new developments and attracting the attention of users.
SASAC, a state structure of the PRC, controls a number of major automakers. The Shanghai Committee of SASAC participates in the management of various automobile brands: SAIC, 1FAW, Beijing, MGRover and owns a part of BYD shares, and is also a member of the capital and board of directors of Volkswagen.
Back in 2009, Chinese authorities introduced subsidies portugal telegram number database for new energy vehicles. Last year, the country accounted for about half of global sales of such cars. Toyota estimates that total hybrid sales in China exceeded 1 million units.
In 2019, new energy vehicles accounted for 5% of all new vehicle sales in China. The proportion will gradually increase until it reaches 50% by 2035. At the same time, in this category of transport, more than 95% of new vehicles should be electric by that date.
High competition
Competition forces companies to improve the quality of their products. It is not profitable to produce cheap but impractical cars. Manufacturers compete with each other, implementing new developments and attracting the attention of users.
SASAC, a state structure of the PRC, controls a number of major automakers. The Shanghai Committee of SASAC participates in the management of various automobile brands: SAIC, 1FAW, Beijing, MGRover and owns a part of BYD shares, and is also a member of the capital and board of directors of Volkswagen.