This is an excerpt from a story delivered exclusively to Business Insider Intelligence Transportation & Logistics Briefing subscribers.The number of electric vehicles sold in China reached 254,000 in Q1 2019, a 118% year-over-year jump from the 117,000 sold in Q1 2018, according to newAt the same time, fossil fuel-powered car sales in the country shrank by almost 15% YoY: Automakers sold over 5.5 million fossil fuel-powered cars in China in Q4 2017, but sold only 4.
The Chinese government is gradually rolling out initiatives to help wean the country off of fossil fuel-powered cars.The government an initiative that calls for carmakers that produce more than 30,000 cars annually to make or import at least 10% electric cars by this year.a $47 billion fund last year that's designed to support EV technologies such as batteries and drivetrains. As the government encourages the production of EVs, it will continue to drive adoption higher: Annual EV sales in China are poised to expand to reach nearly 5.
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