INDUSTRY NEWS

Renault form JV with JMCG to enter China Electric vehicle market

Published Date | 2019 August 5

The French automobile manufacturer can take a five hundredth stake in JMEV and establish it as a venture between the 2 corporations which will propel the automobile industry

Global: France's Renault will invest $145 million in a unit of China's Jiangling Motors Corporation Group (JMCG) that will allow it to expand its electric vehicle manufacturing footprint in the world's largest auto market. 

The French carmaker will take a 50% stake in JMEV, an electric car maker launched by JMCG in 2015, and establish it as a joint venture between the two companies, Renault said in a statement. This partnership in electric vehicle business with JMCG will support the growth plan in China and EV capabilities. JMEV currently makes affordable EV sedans and sport-utility vehicles and has an initial production capacity is 150,000 vehicles a year, 

According to BlueWeave Consulting, the electric vehicle market is witnessing significant growth rate in coming years owing to increasing pollution level by fuel vehicles. Government supportive regulatory framework regarding vehicular emission control is driving the demand for the electric vehicle market. Technological advancements in the automobile industry are forcing the manufacturer to invest in the sector. Oil importing countries to ensure energy security is moving forward to the renewables. This will also help them to reduce their energy fuel bills and dependence on foreign oil countries. An electric vehicle is likely to have a lesser Centre of gravity that creates them less likely to roll over. It also has a lower threat of fire explosions and durability which make them safer in an accident. Moreover, with technological advancement, Electric Vehicles have become smarter and have digital connectivity with smartphones. Both expense and maintenance have gone down due to Technological progressions. The large scale manufacturing of batteries and accessible expense incentives have additionally cut down the cost, therefore, making it significantly more financially savvy.

According to BlueWeave consulting’s report, titled “Global Electric Vehicle (EV) Charging Station Market by Product Type (AC EV charging station, & DC EV chargingstation), by AC EV Charging Station (Level 1 & Level 2), by DC EV Charging Station (CHAdeMO, Combiner charging station & Others), By Installation Type(Residential, & Commercial), by Supplier Type ( Private charging Station& OE charging station) by Region (North America, Europe, Asia Pacific,Middle East & Africa and Latin America); Size and Forecast, 2018-2025

Global Electric Commercial Vehicles market is expected to grow at a CAGR over 13.0% during the forecast period in terms of value. The market is expected to reach over USD 149,316 Million by 2024. due to population expansion coupled with the growing industrial sector in developing economies of the Asia Pacific and Latin America. Rising transportation infrastructural spending owing to strong economic growth is anticipated to remain a key driving factor for industry growth over the forecast period. Increasing the incorporation of telematics & communication capabilities in electrical commercial vehicles is anticipated to boost the market growth. Growing food & beverage industry is another key factor driving industry growth over forthcoming years owing to increasing food trucks and refrigerated vehicles demand.

U.S. Electric Commercial Vehicles Market By Propulsion Type (BEV, HEV, PHEV, FCEV), By Vehicle Type (Bus, Truck, Van, Others), By Component (Motor, Battery, Others) –Industry Analysis, Size, Share, Growth, Trends, And Forecast By 2018-2024.

U.S. Electric Commercial Vehicles market is expected to grow at a CAGR of over 11% during the forecast period in terms of value. U.S. electrical commercial vehicle market is expected to witness owing to the factor that the government has enforced stringent rules and regulations for vehicular emission control. Rising transportation infrastructural spending owing to strong economic growth is anticipated to remain a key driving factor for industry growth over the forecast period. The electric vehicles are becoming increasingly cheaper in the U.S. which is anticipated to boost the market growth. The change of lifestyle in the U.S. which is increasingly shifting towards the eco-friendly environment is another key factor driving industry growth over forthcoming years.

Global Electric Vehicle (EV) Charging Station Market by Product Type (AC EV charging station, & DCEV charging station), by AC EV Charging Station (Level 1 & Level 2), by DCEV Charging Station (CHAdeMO, Combiner charging station & Others), By Installation Type (Residential, & Commercial), by Supplier Type ( Privatecharging Station & OE charging station) by Region (North America, Europe,Asia Pacific, Middle East & Africa and Latin America); Size and Forecast,2018-2025

The global electric vehicle (EV) charging station market is expected to grow over a CAGR of 29% during 2018-2025 in terms of value. The government supporting and introducing new initiatives to drive the growth of EV and EV charging station industry is driving the growth of the electric vehicle (EV) charging station market. Besides, the price of fuel is constantly increasing which is urging the people to look for better and another energy-efficient alternative. Oil price will increase over the forecast period which will accelerate the market demand for electric vehicles and EVs charging stations. These factors are constantly accelerating the growth of the electric vehicle (EV) charging station market.