In absolute terms, China remained the world’s largest EV market last year, with 2.3 million electric vehicles in active use and 1.11 million electric cars sold, according to the China Passenger Car Association. But according to predictions, the best is yet to come as EV sales are expected to grow strongly with the government targeting to sell around 5 million EVs annually by 2025, or a fifth of total vehicle sales. So, no wonder that automakers and EV players around the globe are headed to grab their piece of the pie.
Worksport
An innovative manufacturer of tonneau bed covers for pickup trucks such as F-150, Worksport Ltd (OTC: WKSP) has just
announced
that the company received official notice from the trademark office in China that it has been granted exclusive use of its Worksport trademark in the country over the next decade. Worksport’s star product is its TerraVis fusion technology which will be configured for two upcoming electric pickup trucks as the company partnered with Atlis Motor Vehicles and Hercules Electric Mobility.
Worksport is also working on its offering of mobile and solar-charging stations as it plans to support all EV sizes and roll out implementations for recreation, marine, and transportation vehicles. It has already expanded in the consumer market with the advanced TerraVis COR mobile energy storage system (ESS), a standalone product that can be recharged with solar power or by being plugged into a conventional wall outlet, that can assist in emergency and disaster efforts, contractors, vacationers and campers. The latest news is a major addition to Worksport’s growing international Intellectual Property Portfolio that contains over 30 patents and trademarks.
Automakers
As three Chinese EV startups, NIO Inc. (NYSE: NIO), Li Auto Inc. (NASDAQ: LI) and XPeng Inc. (NYSE: XPEV), achieved great momentum last year, U.S. automakers intensified their EV efforts. Ford Motor Co. (NYSE: F) announced in January it will build its iconic US-built Mustang vehicles in China for the very first time. Tesla Inc.(NASDAQ: TSLA) started delivering its locally built Model Y which is the second vehicle after the Model 3 produced at its Shanghai factory. Also in January, Volkswagen AG (OTC: VWAGY) announced it will begin delivering the first EVs produced at two newly built Chinese EV factories.
Outlook
2020 was a breakthrough year for EVs that represented almost 5% of all new car sales, but by the looks of it, 2021 will be even bigger. What better place to take advantage of the trend than at its biggest market? Even Baidu Inc. (NASDAQ: BIDU) that has largely been viewed as an online marketing company selling ads within its web search results is venturing into the fast-growing EV market to diversify revenue sources. The Beijing-based company revealed this week it decided a CEO and brand for the EV venture, adding it would try to launch a new EV model in about three years. As the early $15-trillion GDP Chinese economy recovers from the harm induced by the pandemic, the EV race in China is heating up with many new players determined to give Tesla a run for its money.
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