China could be major player in electric car market
Chinese car manufacturers have begun focusing on the production of electric vehicles. Be on the lookout for these seven Chinese companies in coming years.
A Volvo concept car is displayed at an event in Gothenburg, Sweden.
Helena Soderpalm/AP/File
If you've seen photos of Shanghai or Beijing聽, you know that China has room for improvement on the environmental front. But change is coming quickly to the world's most populous country, and nowhere is that more visible than聽.
Roughly 40 years ago, China began to realize that its highly centralized style of governance and isolationist foreign policies were hampering the country's growth. Since that time--and particularly over the past 20 years--changes have been made, which have led to China's current middle-class boom.
At the same time, Planet Earth has begun moving away from fossil fuels and toward renewables. The transition is just beginning to speed up, and China is betting that there's still time to get in on the proverbial ground floor to ensure that its economy keeps on trucking.
The country is doing its best to lure Chinese consumers into energy-efficient cars by offering sweet聽. Hefty tariffs encourage many automakers to build those cars in China rather than importing them from elsewhere.
Chinese entrepreneurs are doing their part, too, by creating attractive, crave-able battery-electric vehicles for the entire world--particularly the second-largest auto market, the U.S. Here are seven new (or new-to-America) electric car brands to watch in the coming years:
1. Atieva: Like Faraday Future (see below),聽聽after setting up a home base in northern California--Menlo Park, to be exact. (Technically speaking, the company was founded in 2007, but back then, it was only planning to be a supplier of electric car components.)
Atieva is owned by China's聽Beijing Automotive Industry Corp, or BAIC, and it has lots of experience in the field of batteries. Unfortunately,聽聽to come up short on the skills needed to design and produce actual automobiles, and there's talk that it may merge with Faraday. That wouldn't be especially weird, since entrepreneur Jia Yueting owns sizable stakes in both.聽
2. BYD: Unlike most of the companies on this list, BYD isn't a start-up, and it isn't creating vehicles for individual consumers. It's a well-known automaker in China (backed in part by stock market guru聽), but on this side of the Pacific, it's set its sights on mass transit. The company has a base of operations in California, where it's currently building聽.
3. Faraday Future: Faraday made a big splash last January at the 2016 Consumer Electronics Show when it unveiled a 1,000-hp battery-electric supercar, catchily named the聽. In April, it聽聽on a $1 billion plant outside Las Vegas, and even though that facility is far from finished, and even though Faraday hasn't begun to produce vehicles, it's already working on a聽--this one in California.
Faraday is backed by Jia Yueting, an Elon Musk-y entrepreneur who founded media and technology powerhouse Letv, now known as聽. Yueting has loads of cash at his disposal, but聽聽convincing Nevada officials that their $120 million bet on Faraday will pay off.聽
4. Geely: Volvo's new-ish owner is planning to launch U.S. sales under its own banner soon. Last we heard,聽, but as we've entered July, that seems increasingly less likely. Like BYD, Geely is a major force in China, and though it doesn't have the聽聽of other companies, it's got enough cash to force its way into the field. However, Geely's designs may have to be tweaked to fit the needs of U.S. consumers (not to mention safety regulations set by the U.S. government).
5. Karma Automotive: Launched as Fisker Automotive in 2007, this company was positioned to capitalize on the shift toward energy-efficient vehicles. Unfortunately, though its plug-in hybrid Karma model was pretty to look at, the car had some聽. Also, Fisker's access to a聽聽from the U.S. government was frozen when it failed to meet certain benchmarks. Then, Hurricane Sandy聽.
贵颈蝉办别谤听聽in 2013 and was聽聽by China's聽Wanxiang Group Cos, which also owns the battery company聽A123. It has since聽relaunched as Karma Automotive, and its first model--also called the Karma--will be another plug-in hybrid.
6. NEVS: In 2012, a team of Japanese and Chinese investors calling themselves NEVS (shorthand聽for National Electric Vehicle Sweden)聽聽from Spyker, which had itself bought Saab聽聽just a couple of years earlier. Unfortunately, the Japanese group bailed on the deal, leaving China's National Modern Energy Holdings holding the bag. NEVS tried to carry on, boldly promising to revive the quirky brand聽. That proved a tad optimistic, and NEVS聽聽in 2014.聽聽
The good news is that NEVS managed to find enough money to stay afloat, and it's dedicated itself to "electric vehicles and mobility solutions". The bad news is, it's聽聽in the process. There's no word on when we can expect NEVS-branded vehicles, but it seems that by throwing out both the baby and the bathwater, NEVS is preparing to make a fresh start.
7. Volvo: Yes, America's favorite quirky Swedish auto brand is now owned by Geely, which聽. After a rough transitional patch, Volvo's return has picked up speed, and along the way, it's聽聽in plug-in hybrids and battery electric vehicles. Some of those new models could start reaching consumers within two years.
This article first appeared at .