China sets new EV targets
China’s “Energy-saving and New Energy Vehicle Technology Roadmap 2.0” was finally released at the beginning of November. Although it was widely leaked, there were some interesting takeaways. Although China is now targeting a lower EV penetration target of 20% by 2025 rather than 25%, this is still a big number, implying a 27% 5-year CAGR for Chinese EV sales. The paper also targets energy consumption of better than 12kWh/100km vs average rates currently of 13-20kWh/100km. That means further weight savings and better efficiencies for EVs. China also remains supportive of electrification of public transport, logistics etc, although a bit less...
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