Geely aims for EVs, hybrids to account for 90% of sales by 2020
Zhejiang Geely Holding Group Co. said it expects electric vehicles, plug-in hybrids and conventional hybrids to generate 90 percent of its annual sales by 2020 in the most ambitious plan by a Chinese carmaker so far to improve fuel efficiency ahead of a government-mandated deadline.
About two-thirds of Geely's green models will be conventional gasoline-electric hybrids and plug-in hybrids, and most of the rest will be EVs, the company said Wednesday.
China is requiring automakers to cut average fleet fuel consumption to no more than 5 liters per 100 kilometers (47 mpg) by 2020 from 6.9 liters per 100 km (34 mpg) this year.
Chinese carmakers are developing hybrids and EVs to meet the government's fuel economy targets. China has promoted EV development to curb pollution, cut dependence on imported oil and leapfrog foreign automakers with cutting-edge technology.
Last month, the government said it would boost subsidies to speed construction of recharging stations.
"China continues to prioritize and push battery EVs," said Steve Man, an auto analyst with Bloomberg Intelligence in Hong Kong. "Yet, hybrid electric cars are probably the best option" to get to the 2020 fuel economy standards, he said.
Geely, which has been developing vehicles with Volvo Cars, also said it aims to make "substantial progress" on fuel cell vehicles by 2020, without providing details. The company started sales of its first electric car on Wednesday, with a maximum range of 330 kilometers (205 miles) on a single charge.
The company said it plans to offer its plug-in hybrids at prices equivalent to conventional vehicles.
China is requiring automakers to cut average fleet fuel consumption to no more than 5 liters per 100 kilometers (47 mpg) by 2020 from 6.9 liters per 100 km (34 mpg) this year.
Chinese carmakers are developing hybrids and EVs to meet the government's fuel economy targets. China has promoted EV development to curb pollution, cut dependence on imported oil and leapfrog foreign automakers with cutting-edge technology.
Last month, the government said it would boost subsidies to speed construction of recharging stations.
"China continues to prioritize and push battery EVs," said Steve Man, an auto analyst with Bloomberg Intelligence in Hong Kong. "Yet, hybrid electric cars are probably the best option" to get to the 2020 fuel economy standards, he said.
Geely, which has been developing vehicles with Volvo Cars, also said it aims to make "substantial progress" on fuel cell vehicles by 2020, without providing details. The company started sales of its first electric car on Wednesday, with a maximum range of 330 kilometers (205 miles) on a single charge.
The company said it plans to offer its plug-in hybrids at prices equivalent to conventional vehicles.
