Electric revolution offers China global leadership opportunity

China has emerged as the front-runner in the race towards electrification as its government aggressively jockeys for the global leadership position. The market never managed to become a dominant player in terms of internal combustion engine (ICE) technology, and the electric revolution offers it a new chance to lead. Last year's electric vehicle (EV) and plug-in hybrid (PHEV) sales in the country rocketed 53% to 777,000 units. This year, volumes could top one million. Numerous players are flocking to the segment, lured by the growth potential. While they bring with them a host of new models for consumers, they also bring the risk of overcapacity and heightened competition.