China Set to Become World’s Leading Manufacturer of EVs

China regards EV as a key strategic industry and wants to become one of the world’s largest producers of Electric Vehicles. The government is giving huge incentives for increasing the usage of EV in China and is also making sure that manufacturing of EVs is done domestically so that it can reap the economic and employment benefits of this new industry. China wants the automotive industry transformation to help it become a leader in production and supply of EVs.

The Middle Kingdom is now extending its production heft to the United Kingdom, where it is investing almost 300 million pounds to produce EVs under the banner of the London Taxi Company. This will be UK’s first major auto industry investment in over a decade and China’s Zhejing Geely Holding Group will be the investor. The company bought the failing London Taxi Company and will use it to roll out Electric Vehicle taxis and a minivan in the next couple of years. Geely is also the owner of Volvo cars and is one of the biggest domestic manufacturers of vehicles in China giving it a lot of heft.

The United Kingdom government is supporting this initiative by doling out incentives for use of EV taxis and also giving some manufacturing subsidies for this venture. This factory will create over 1000 factory jobs and manufacture the very well known black cabs that run in London. The only difference is that these cabs will run on electricity instead of diesel and be made by China.