Chinese consumers may purchase about 47 percent more electric vehicles than the US in a decade, according to a consultant at World Bank. Oliver Hazimeh, a partner at PRTM, reports that Plug-in electric vehicles that connect to a power-grid to store energy in batteries will rise to 2.2 million, or 11 percent, of vehicles sold in China in 2020.
China has committed about $15 billion for vehicle electrification over the next five years where it will develop infrastructure to promote electric vehicles while the U.S. has agreed to provide $2 billion to $3 billion to promote battery-powered vehicles.
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Harbin Electric is a leading developer and manufacturer of a wide array of electric motors with a focus on innovative, customized, and value-added products. Its major product lines include industrial rotary motors, linear motors, and specialty micro-motors. The Company recorded a net income attributable to controlling interest of $17.2 million, or $0.55 per share in the second quarter of 2011.
Advanced Battery Technologies is a leading manufacturer and distributor of rechargeable polymer lithium-ion batteries. The company is also involved in the development and manufacturing of electric bikes, scooters and sports utility vehicles.