German company "betting" on China's electric car market

14:00, February 20, 2010      

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"China will lead the development of electric cars, whose electric car market is bound to boost other countries' development in the field," said Portrait of Hanno D. Wentzler - President and CEO of Freudenberg Chemical Specialties, Regional Representative for China recently.

"In the future, China will remain the centre for electric car development. Freudenberg Group will integrate the experiences from its branches all over the world to develop battery saving technology," he said.

By the end of 2011, annual output of China's hybrid and pure electric vehicles would have hit 500,000, equivalent to twice that of U.S. output. Experts expect that by 2020, nearly 100,000 hybrid and pure electric cars will be put into operation in Shanghai alone. Chinese government will offer almost 10 billion yuan capital to support develop of new energy technology for domestic enterprises, and will launch pilot promotions on new energy vehicles in 13 cities including Beijing and Shanghai, which is mainly about testing the subsidy policy for new energy vehicles. By 2030, Chinese electric autos market capital will be in excess of 1.5 trillion yuan, expressed strategy and management consulting experts from McKinsey.

Efforts on mass-produced electric vehicles have reached an initial breakthrough. Last year, Mercedes-Benz's S400 vehicles with lithium battery entered into Chinese market.

By People's Daily Online
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