Fitch Solutions recently announced although China is amongst top contributors to electric vehicle (EV) industry, Asia drops behind Europe. Head of Autos Research at Fitch Solutions, Anna-Marie Baisden, said this is because the governments in Europe are taking bigger steps to expand in EV market. When it comes to EV business in Asia, China comes to mind as it supplies roughly 90% of sales, she continued.
In Europe, good measures are taken after the pandemic including evolution of infrastructure and national stimulus, she said.
On Japan and India, she said, the countries’ slow pace in EV business results from several factors. Lack of incentive plans in Japan in spite of its essential demand is one reason, Baisden added. However, she said, plans are underway to go ahead with financial support to buy locally, especially that Tokyo’s target is to sell all new hybrid or electric cars by the year 2030.
She also said despite India’s good capabilities in EV, its demographics might cause problems.