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There may a lot of buzz and excitement around the electric car, but Prevedere indicators have projected that electric cars will not be mainstream in the U.S. any time soon; with an already saturated market and more fuel efficient cars that last longer, there is simply less demand for electric cars in the States. But the same might not be true for China.
Per the factors above, the outlook for the U.S. auto industry is bleak heading into 2018. However, China’s economy has a positive outlook due largely in part to a strong consumer. As part of this economic growth in China, more consumers there are buying cars–in fact, last year China’s car market closed with record-breaking sales of almost 23 million passenger vehicles.
Additionally, while the Chinese government is pulling back on manufacturing investments, it has created incentive for electric car manufacturing and buying due to environmental concerns and a lack of domestic oil resources.
Download our five-minute micro-webinar to hear Prevedere economist Andrew Duguay explain why automakers should be looking to manufacture and sell electric cars in China beginning in 2018.
About the Speaker
Andrew Duguay is a Senior Economist for Prevedere, a predictive analytics company that helps provides business leaders a real-time insights of their company’s future performance. Prior to his role at Prevedere, Andrew was a Senior Economist at ITR Economics. Andrew’s commentary and expertise have been featured in NPR, Reuters, and other publications. Andrew has an MBA and a degree in Economics. He has received a Certificate in Professional Forecasting from the Institute for Business Forecasting and Certificates in Economic Measurement, Applied Econometrics, and Time-Series Analysis and Forecasting from the National Association for Business Economics.
Prevedere is an industry insights and predictive analytics company, helping business leaders make better decisions by providing a real-time view of their company’s future. Our external real-time insights engine constantly monitors the world’s data, identifying future threats or opportunities to business performance. Along with a team of industry experts, data scientist, and economists, Prevedere helps business leaders make the right decisions in an ever-changing world.