It was recently reported that EV makers in China such as BYD and Kandi will have a run for their money as Renault announced they will be selling low-cost EV cars in China soon. In fact, the models will be sold at a whopping low price of at least $8,000.
Through Renault-Nissan chief executive officer, Carl Ghosn, it was announced during the New York Times Energy for Tomorrow Conference held in Paris this week that the company would make entry into China's market with low-priced EV cars.
Although EV cars have been prevailing in the market from makers such as Kandi and BYD, the entry of Renault into the EV China market was considered as a threat. In fact, the efforts of these makers were deemed as lucrative since China would become the region with the largest EV market by the end of 2020, reported Auto Blog.
On top of the Renault company, Volkswagen Group also signed a memorandum of understanding with the Chinese company. Jianghuai Automobile (JAC) which indicated that the company would also be entering the China Market for plug-in vehicle production, reported Reuters.
To remedy the incoming market player, Singulato Motors has also raised $600 million during a fundraising to market all-electric battery cars. In fact, Chinese electric car start-ups have been raising funds for the Chinese government who, in turn, have created positive policies to accommodate the entry of EV cars into the market.
Furthermore, China has shown attention to making smart, connected electric cars that Renault's entry signaled the growth of this industry which could also form as a positive impact to the Chinese economy.
With EV makers crowding in China, will the entry of Renault pose a threat to local EV cars producers? Will electric cars be the next thing not just in China but all over the world especially when low-cost vehicles are offered by Renault?