China based Wanxiang Group Gets Approval to Produce Karma Electric Cars

China: The local government authority has provided green signal to Wanxiang Group to produce electric vehicles in China. The approval by the local government would lead to development of a factory to produce 50,000 electric cars per year by Wanxiang Group. Three years ago, the company had bought the assets of US based hybrid car maker Fisker Automotive and changed its name to Karma Automotive. The increase in number of electric vehicles would surge the market for electric vehicle infrastructure, globally.

TechSci Research depicts that the governments across the globe have focused on reduction of harmful gas emissions from the automobile sector, thereby formulating policies to increase the penetration of electric vehicles in the transportation sector. With increasing focus of governments across the globe to promote the use of electric vehicles the demand for electric vehicle infrastructure would increase in near future.

According to released report of TechSci Research “Global Electric Vehicle Infrastructure Market Forecast & Opportunities, 2021”, the global electric vehicle infrastructure market is projected to grow at a CAGR of 27% by the end of 2021. The growth is expected on account of increasing number of electric vehicles globally and governments’ policy to promote the adoption of electric vehicles. The development of battery technologies and enhancement in charging protocols is a big boost for electric vehicle infrastructure. The development of battery technology and universal charging protocols would lead to upsurge in demand for electric vehicles and expansion in market for electric vehicle infrastructure globally.