With the massive restructuring of the US car industry and green new deals flourishing all across the world, it is no surprise that electric cars are (once again) are the forefront.
For many years, Europe, the US and Japan have competed (and by-and-large failed) to come up with cost-effective electric cars. Now, China is joining the battle, but from the side. The country is investing massively (USD 1 billion) to become a major supplier of lithium-ion batteries with the final aim to lead the world in electric vehicles – this explains closer collaboration with Boliva which is said to hold 10% of world lithium reserves.
Volkswagen, who has been manufacturing cars in China for more than two decades, is now collaborating with BYD to develop electric cars. A number of other partnerships are in-the-making, involving ventures between European, Japanese and Chinese firms.
Let’s see if China’s auto industry manages to leapfrog the combustion engine!