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Shandong micro EV output to exceed 1 million units in 2020

JINAN, Shandong – Shandong micro EV output will exceed 1 million units in 2020, reported auto.gasgoo.com, citing Wei Xueqin, secretary-general of Shandong Automobile Manufacturers Association (SAMA).

In the first 10 months of 2015, 258,000 units of micro EVs were sold in Shandong, up 53.82 percent from the previous year, according to SAMA statistics. Micro EV sales in the province were 187,000 units in 2014, up 54.55 percent from 2013.

China micro EV registration is expected to reach 5 million and sales value to exceed ¥50 billion ($7.7 billion) in 2020, according to an industry report released by Ipsos, a leading market research group globally.

Most of micro EVs in China are powered by batteries made by Tianneng Group, a battery supplier headquartered in Changxing, Zhejiang Province. The share of the group in the market was 55 percent in 2014.

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