Production of low-speed electric vehicles rising in China

High market potential drawing large investments.

Production of low-speed electric vehicles has risen to over 50,000 units in the first five months of 2013 from 18,000 in 2010. Some 30,000 vehicles were exported.

A survey of its members by the Shandong Automobile Manufacturers’ Association found their output of low-speed electric vehicles jumped from 18,221 in 2010, to 68,203, and 86,709 in 2011 and 2012, respectively.

Production through the first five months in 2013 was 50,214 vehicles, 30,000 of which have been exported.

The market potential of low-speed electric vehicles is attracting a torrent of investment. Collectively, new investment in the low-speed electric vehicle segment exceeded US$2.4 billion RMB as of this May.

In the USA, low-speed electric vehicles are defined as a four-wheeled motor vehicle that has a gross vehicle weight rating of less than 3,000 pounds (1,400 kg) and a top speed of between 32 to 40 km/h. These vehicles are also known as Neighborhood Electric Vehicles.