An aggressive China-led shift to electric vehicles (EVs) is expected to slash global oil demand growth by 70 percent by 2030 and will help bring an end to the “oil era”, according to research by the Carbon Tracker think tank published on Friday.

Within 10 years, China could save more than $80 billion in annual oil import costs as new-energy vehicles (NEVs) become increasingly competitive, Carbon Tracker said.

Its calculations were based on a “conservative” scenario by the International Energy Agency projecting that EVs would account for 40 percent of China’s total car sales by 2030, and for 20 percent of sales in India and other emerging markets.

Also read: Heat is now on EV makers, after battery fires 

The cost of importing the oil required to fuel an average car is 10 times higher than the cost of solar equipment required to power an electric vehicle, Carbon Tracker said.

“This is a simple choice between growing dependency on what has been expensive oil produced by a foreign cartel, or domestic electricity produced by renewable sources whose prices fall over time,” said Kingsmill Bond, a strategist with Carbon Tracker and the report’s lead author.

EVs are a key component of China’s efforts to slash climate-warming greenhouse gases and improve urban air quality, and India is also setting ambitious 2030 vehicle sales targets.

China has not yet set a date when it will ban the production and sale of traditional cars, but an industry official said last month that NEVs will account for 50 percent of all new car sales by 2035, with hybrid vehicles making up the remainder.

Source: Reuters Shanghai

---

Reviews is conducting a weekly contest. Answer a simple question and get a chance to win exciting gift hampers from Aiken Care Package. Go to our Facebook page for more details or also can check the details on our Instagram page.

---

Also Read:

TIPS FOR FIRST TIME CAR BUYERS | NEW OR USED

BEST BUDGET FITNESS TRACKERS IN NEPAL

HBO CHANNELS CAN BE VIEWED FREE BY DISHHOME USERS IN THE MOBILE APP

ROYAL ENFIELD IS DEVELOPING ELECTRIC MOTORCYCLES TO BE AFFORDABLE MID-WEIGHT BIKE

XIAOMI NEPAL'S DASHAIN OFFER- CELEBRATE DASHAIN WITH MI

TOP 5 PRIMERS IN NEPAL | REVIEWS

HUAWEI BRINGS MOOVIT APP TO APPGALLERY

Beijing on Tuesday hit out at new US sanctions against telecom giant Huawei, accusing Washington of an "abuse of national power" to block the rise of Chinese companies. A US Commerce Department statement Monday barred an additional 38 Huawei affiliates from buying American computer chips and other technology.

Tensions were already high between the two powers, and Washington has claimed that Chinese firms are used to spy for Beijing -- an accusation the Chinese government and the companies deny. Chinese foreign ministry spokesman Zhao Lijian on Tuesday said there was no evidence that Huawei products contained security loopholes or backdoors.

The sanctions have "completely punctured the last pretence of market principles and fair competition that the US has always touted", he added. Washington has engaged in "abuse of national power to apply all sorts of restrictions on Huawei and other Chinese enterprises," he said at a regular press briefing.

US officials have argued that Huawei poses a security risk because of its links to the Beijing government, a claim denied by the company. Commerce Secretary Wilbur Ross said Huawei and its affiliates "have worked through third parties to harness US technology in a manner that undermines US national security and foreign policy interests".

The Trump administration has banned Huawei from 5G wireless networks in the United States and pressed allies to do the same. Huawei became the largest global smartphone manufacturer in the past quarter, largely due to sales in the Chinese market, even as Washington moves to deny the company access to much of the Google Android system.

Source: RSS

Also Read:

IBM ROLLS OUT NEWEST PROCESSOR CHIP, TAPS SAMSUNG FOR MANUFACTURING

AUSTRALIA LAW FORCING TECH GIANTS BEING SLAMMED TO PAY FOR NEWS

SAMSUNG PLANS ON MOVING GIGANTIC AMOUNT OF SMARTPHONE PRODUCTION TO INDIA

CHINA'S MOBILE PHONE SHIPMENTS REACH 22.3 MILLION UNITS IN JULY 2020

CHINESE TELECOM GIANT HUAWEI RANKED 49TH IN 2020 FORTUNE GLOBAL 500 LIST

HMD GLOBAL NOKIA PHONES RAISES $230 MILLION INVESTMENT FROM STRATEGIC PARTNERS

General Motors is overhauling its Chinese line-up with a greater emphasis on electric cars and smart-driving technology to stem a slide in sales after more than two decades of growth in a country that contributes nearly a fifth of its profit.

GM’s new China boss Julian Blissett told Reuters it would renew its focus on luxury Cadillacs, roll out bigger but greener sports-utility vehicles (SUVs) and target entry-level buyers with low-cost micro electric vehicles (EVs).

He said new technologies such as EVs and cars with near hands-free driving for highways would play a key role in GM’s China initiatives, which are part of a push to regain momentum lost in the face of intense competition and shifting tastes.

“This market is rapidly electrifying. Cadillac is on a path to very heavy electrification. Buick is also going to heavily electrify,” said Blissett, adding that GM’s Chinese brands Baojun and Wuling would also go down the electric route.

“The market is changing dramatically. So the concept of standing still in China doesn’t work.”

A slowdown in China’s economy and the resulting weakness in its auto market has been a big factor behind GM’s sales slump, but analysts say competition has become fierce too.

ELECTRIC REVOLUTION

“In the next five years, more than 50% of our capital and engineering deployment will go towards electrification and autonomous-drive technology. That should give you an indication where GM is betting on its future,” GM’s Blissett said.

“Chinese consumers are very embracing of technology, be that technology on the phone, be that e-commerce, be that intelligent driving technology, be that electrification. Although Europe and the U.S. have fairly significant plans on a governmental and market point of view, the electrification of cars is going to happen much faster here in China,” he said.

“We intend to be right in the heart of that market. So, we will heavily play in the EV space. And that’s the reason why we are investing as we are.”

GM’s Wuling and Baojun brands have borne the brunt of falling sales over the past two years as lower-income consumers bought fewer cars in the face of slower growth and as competition from Chinese rivals at the entry-level intensified.

Source: Reuters

Also Read:

NEW UPCOMING ELECTRIC CARS IN NEPAL 2020 | PRICE, SPECS

AMPERE ELECTRIC OPENS DEALERSHIP IN NEPAL

Yatri bike's launch date and price

Review of NIU N-series

Genius electric bikes available in Nepal

Advantages and disadvantages of Electric Vehicles

10% VAT REFUND ON ELECTRIC PAYMENT IN NEPAL

Hyundai Motor Company is spearheading the development of a hydrogen society and fuel cell commercial vehicle ecosystem in China with regional partners.

Hyundai Motor announced today that it has signed an MOU with Shanghai Electric Power Co. Ltd., Shanghai Sunwise New Energy System Co. Ltd., and Shanghai Ronghe Electric Technology Financial Leasing Co. Ltd., with an aim of establishing a hydrogen mobility ecosystem around Shanghai and Yangtze River Delta area.

The company also signed a separate MOU with China Iron and Steel Research Institute Group (CISRI) and Hebei Iron and Steel Group (HBIS Group) for an equivalent aim in the Jing-Jin-Ji area as it introduced Hyundai XCIENT Fuel Cell heavy-duty truck for the first time in China at the 2020 China International Import Expo (CIIE).

The MOU among Hyundai, Shanghai Electric Power, Shanghai Sunwise New Energy System, and Shanghai Ronghe Electric Technology Financial Leasing will form a cooperative system that connects the production of hydrogen, construction of refueling stations, and financing of fleet operations based on the supply of Hyundai’s fuel cell electric commercial vehicles in the Yangtze River Delta area. In addition, it plans to promote a pilot operation business of fuel cell electric vehicles.

Shanghai Electric Power will lead investments in constructing hydrogen refueling stations and an electrolytic hydrogen production process using renewable energy as well as propelling a hydrogen production project through the Integrated Gasification Combined Cycle (IGCC).

Shanghai Sunwise will build and operate hydrogen refueling stations and provide comprehensive solutions for hydrogen refueling, while Shanghai Ronghe Electric Technology Financial Leasing will provide financial support services for the fuel cell electric commercial vehicle pilot operations.

Hyundai Motor will supply its fuel cell electric commercial vehicles to major logistics companies in the Yangtze River Delta area where the company is going to establish and manage a fuel cell electric commercial vehicle operating company.

Through the MOU, the four parties aim to construct a cost-competitive and highly efficient business model drawing on each company’s respective expertise, supplying more than 3,000 fuel cell electric trucks in the Yangtze River Delta area by 2025.

Hyundai is cooperating closely with its Chinese partners in line with the Chinese government’s fuel cell roadmap, which aims to have 1 million fuel cell electric vehicles by 2030. Hyundai’s goal is to supply over 27,000 FCEV units in China by 2030 as the company plans to further strengthen its position as a leading global FCEV technology brand through this multilateral cooperation in China. 

---

Reviews is conducting a weekly contest. Answer a simple question and get a chance to win exciting gift hampers from Aiken Care Package. Go to our Facebook page for more details or also can check the details on our Instagram page.

---

Also Read:

LENOVO PROFIT BEATS EXPECTATIONS,HELPED BY REMOTE WORKING TREND 

ONEPLUS 8T CYBERPUNK 2077 EDITION OFFICIAL UNIQUE DESIGN    

TIPS TO KEEP YOUR MAKEUP SAFE | REVIEWS    

5 BEST SELLING EYELINERS IN NEPAL | REVIEWS    

VIVO V20 SE- SPECIFICATION AND PRICE IN NEPAL    

MOBVOI TICWATCH AND TICPODS IN NEPAL- PRICE AND SPECS