The most populate country in the world China has mounted pressure on automakers on their development of electric car by raising the first year target.
Despite delaying the first rollout to 2019, China has insisted that electric car will make up to 10% of cars manufactured by automakers in the country rather than the 8% earlier stipulated.
China which have proven to have the world’s most aggressive government plans to promote electric cars, said automakers who fail to meet the 10% standard can buy credits from competitors.
The Ministry of Industry in China while speaking on the plan said they will raise the minimum to 12% by 2020 and the ministry will announce annual targets after that later.
“The final rule reflects a triumph for pragmatism over dogma,” because few brands “will have a serious fleet of EV offerings on sale until closer to 2019-2020,” said Bernstein analysts in a report.