China Just Unveiled Plans To Invest $315 Billion In Electric Charging Stations

China Just Unveiled Plans To Invest $315 Billion In Electric Charging Stations

The Chinese Government has announced plans for a massive expansion of the country’s charging infrastructure for electric vehicles (EV) which experts say will bring about” period of explosive growth” in the development of electric vehicles and charging-related industries.

Although there are more than 100,000 gas stations across the country, China has an insufficient number of charging stations for EV’s. They say this has hindered incentive for the development of the electric vehicle sector and research into EV technology. Government figures show that last year there were only 780 power charging stations and 31,000 alternating current and direct current power charging piles in the whole of China.

Recently the government announced that all new residential complexes should provide parking lots or spaces that have EV charging facilities or space for these facilities, and that ten percent of parking lots in large public buildings or public parking areas should also have charging facilities.

Tong Guangyi, deputy director of the Energy Department under the National Energy Administration, says under the Government’s plan for the energy-efficient and new energy vehicle industry, by 2020 China will “have strengthened the construction and transformation of charging facilities to 12,000 charging stations and 4.8 million charging piles”. He says the Government estimates there will be 5 million EV’s operating on

Chinese roads by 2020, with the coverage of smart meters being promoted to 90% by that time.

To reach these goals, the government will invest at least $315 billion into the construction of its power distribution network, starting with $470 million this year.

Tong says the government is encouraging social insurance funds to invest in the EV expansion projects and that with the government’s announced plans he expects many private companies to accelerate their investment in charging networks investment.

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