The Great Wall Motor will begin offering the primary Ora-badged electric vehicle at the Chengdu automobile fair on Aug. 31 to extend its electric vehicle lineup.

China: The Ora mark, disclosed at the Beijing car expo in April, targets youthful clients in real Chinese urban areas. Its item lineup will be estimated priced below 100,000 yuan ($14,556).

The brand's first item, the Ora iQ, is a compact electric hybrid. It is fitted with lithium particle batteries provided by U.S. battery producer Farasis Energy and electric engine given by BorgWarner and has a scope of 360 kilometers (223 miles) on one charge.

Great Wall intends to take off four EVs under the Ora mark by 2020. The following Ora-badged vehicle is the R1 subcompact auto, which is set to touch base in January 2019.

The company gave no subtle elements on costs for the cars. The choice of changing over to an electric vehicle (EV), which is additionally completely reversible, will be offered to existing E-type owners.

Moreover, the company said that it will open Ora dealerships in 72 domestic cities before the end of this year.

Great Wall chiefly delivers SUVs, hybrids and pickups. It advertises just two jolted models – the EV variant of the Great Wall-badged C30 compact car and the Wey-mark P8 plug-in hybrid SUV.

Great Wall, headquartered in the north China city of Baoding, is recorded in Hong Kong and Shanghai. In the initial seven months, it conveyed 525,849 vehicles, a decline of 0.8 percent from a similar period a year ago.

In July, it consented to an arrangement with BMW Group to shape a 5.1 billion-yuan ($739 million) joint venture to construct electric vehicles in the east China city of Zhangjiagang. The association is because of dispatch its first item in 2021.

According to TechSci Research, the move will open enormous potential for the electric vehicles market in China and across the globe. TechSci Research predicts that the growing focus of leading automotive and technology companies on electric vehicle technologies coupled with favorable government policies and rising concerns regarding safe driving will drive the China electric vehicle market in the coming years. Moreover, according to the International Energy Agency, China has the highest sales of BEVs and PHEVs of any nation across the globe. The vehicles are starting to make inroads into China's highly competitive market. Furthermore, the act of Chinese EV manufacturers and suppliers, and the favorable conditions for EVs within the country itself will boost the China’s Electric Vehicle Market over the next five years.

According to the recently published report by TechSci Research, “China Electric Vehicle Market by Vehicle Type (Passenger Car, Two Wheeler, Three Wheeler, etc.), By Drivetrain Technology Type (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, etc.), By Charging Infrastructure Trends (Induction Charging, Wired Charging & Battery Charging), By Company, Forecast & Opportunities, 2022”, China Electric Vehicle Market is expected to grow at a CAGR of over 30% during the forecast period on the back of easy licensing, incentives provided by state and central government and advance technology. Moreover, many companies are investing in China to set up the manufacturing units of electric vehicles and operating joint ventures to cater to the domestic market. Chinese OEM’s achieved a 40 percent global share in 2015 in EV production globally and in 2016, the country produces over 3,00,000 EV’s and now the country has largest number of EV’s on its road and is expected to maintain its dominance during the forecast period as well.

According to the recently published report by TechSci Research, “Global Small Electric Vehicle Market By Technology (Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle, Battery Electric Vehicle), By Battery Type, By Geography, Competition Forecast & Opportunities, 2022”, Global small electric vehicle market stood at around $ 6 billion in 2016, and is forecast to grow at a CAGR of 23% during 2017 – 2022, to reach $ 20.7 billion, on account of increasing consumer inclination towards electric passenger cars coupled with declining prices of electric vehicles. Moreover, the boost in demand for small electric vehicles can be attributed to favorable government policies and continuing surge in R&D investments by several OEMs to develop premium quality and affordable small electric vehicles. All the above stated factors along with growing penetration of small electric vehicles in developing economies are anticipated to positively impact the market over the course of next five years.