China based Wanxiang Group Gets Approval to Produce Karma Electric Cars
China: The local government
authority has provided green signal to Wanxiang Group to produce electric
vehicles in China. The approval by the local government would lead to
development of a factory to produce 50,000 electric cars per year by Wanxiang
Group. Three years ago, the company had bought the assets of US based hybrid
car maker Fisker Automotive and changed its name to Karma Automotive. The
increase in number of electric vehicles would surge the market for electric
vehicle infrastructure, globally.
TechSci Research depicts that the governments
across the globe have focused on reduction of harmful gas emissions from the
automobile sector, thereby formulating policies to increase the penetration of
electric vehicles in the transportation sector. With increasing focus of
governments across the globe to promote the use of electric vehicles the demand
for electric vehicle infrastructure would increase in near future.
According to released report of TechSci Research “Global Electric Vehicle Infrastructure
Market Forecast & Opportunities, 2021”, the global electric vehicle infrastructure market is projected to grow
at a CAGR of 27% by the end of 2021. The growth is expected on account of increasing
number of electric vehicles globally and governments’ policy to promote the adoption
of electric vehicles. The development of battery technologies and enhancement
in charging protocols is a big boost for electric vehicle infrastructure. The development
of battery technology and universal charging protocols would lead to upsurge in
demand for electric vehicles and expansion in market for electric vehicle
infrastructure globally.