China sees “explosive growth” of NEVs in 2016
According to a recent report from the China Association of Automobile Manufacturers (CAAM), New Energy Vehicles (NEVs), which include hybrids, plug-in hybrids and electric cars, have undergone explosive growth during the first three months of this year, with sales doubling to 58,125 units in the first quarter compared to a year earlier. Most notably, sales of plug-in hybrids jumped 43%. Citic Securities has predicted China’s NEV sales will jump 58% in 2016, reaching 600k units, and commented that Tesla’s new Model 3 has “struck a chord with consumers.” According to HyungJin Lee, manager of the Baring Asia Growth Fund, “Electric vehicles are already growing strongly in Japan and North America, and the government in China has set a volume target as it battles pollution. We believe EVs are on the cusp of a wave of adoption in China and globally…”

Tesla Motors CEO Elon Musk speaks at the unveiling of the Model 3 at the Tesla Motors design studio in Hawthorne, California. More than 276,000 people pre-order the Tesla Model 3 in less than a week of its launch. Is it the “Tesla phenomenon,” or has the $35,000 electric car with a range of 200-plus miles taken finally taken the electric car to the masses. Photo: AP