China’s Ban on Rare Earths Export Affects Electric Vehicles Production in Western Economies
Virtual Power Plants Helps to Restock Electricity From EVs and Other Sources
By Shubhendra Anand , 12 March, 2024
China’s automotive industry is rapidly growing with good number of electric vehicles production in 2024. The electric vehicle (EV) production rate is increasing with the growing concerns over climate change conditions. The countries around the world are taking necessary actions towards the clean energy transitions aimed to be achieved by 2050. Electrification in the automotive industry is the major change required to limit the carbon emissions from vehicles. Therefore, the production level of electric vehicles is expected to grow in 2024. Chinese EV industry plans for virtual power plants to accomplish the electric vehicles production goals sooner.
According to survey reports, Chinese EV industry is expected to dominate the global automotive industry throughout 2024. The Chinese companies states that the global electric vehicles industry may control the automotive sector. it is due to rapid growth projections of electric vehicles and emphasis on expanding domestic production of electric vehicles in 2024. The clean energy transition goals anticipate electrification at different levels to reduce harmful emissions in the environment. virtual power plants for electric vehicles can help the energy sector - the technology allows the electric vehicles to return the power from the vehicles to the grid if necessary. It will help China in future to save electricity and reuse it if extreme weather condition falls on the country. virtual power plants can help the electric vehicle industry to get back the electricity when China goes through power shortage in the future.
Experts believe that virtual power plants are a collection of energy sources like electric vehicle chargers, heat pumps, and others, it helps to balance the electricity on the grids. The process of getting back the electricity from the sources will help in power backups. The virtual power plants are expected to replace the gas plants, coal plants, and others sooner. The electric vehicles are expected to increase in production in China by the end of 2024. Therefore, virtual power plants sooner into the action will help integrating the power exchange (electricity) and help in restocking electricity from the resources.Growth in Electric Vehicles Production in 2024
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Shubhendra Anand
Head Research
