China 'EV town' construction grows as Pres Xi Jinping drives 2025 vision
Pres Jinping seeks to transform Asian country as manufacturing giant with $30bn reportedly committed to 'electric vehicle towns'
At least 20 electric vehicle (EV) towns worth around $30bn are under construction in China as the Asian nation continues to drive technology investments as part of President Xi Jinping's vision to make the country a manufacturing superpower by 2025.
He Xiaopeng, chairman of Alibaba-backed EV startup Xpeng Motors Technology Ltd, said China's new EV industry was “a bet local governments must take".
According to a Bloomberg report, he added: "A successful EV maker could bring at least 200 companies in the industry chain into a province.”
Project supervisor for Chinese developer Country Garden, Liu Wei, added: “The EV market is still working its own way. But we’ve been well aware of sector change since planning it two years ago, and we’re confident we can adapt to the change.”
Country Garden is developing an EV town in China's Shunde district, which has to date drawn companies such as Youxia motors, autonomous sightseeing carmaker Beijing Zoominbot Automotive Technology Co, and 57 other tenants, including research houses and venture capital firms.
However, as Bloomberg reported, not all car-makers are optimistic about China's EV towns.
Managing director of LMC Automotive Shanghai, John Zeng, said: “Most of those EV towns will fail.
“This wave of electric-vehicle building will come to a life-or-death moment. When EV carmakers are being squeezed, the ‘EV town’ bubble will burst.’’