Preface

The global shift towards zero carbon emissions has accelerated the adoption of electric vehicles. In response, the Ministry of Transport announced a substantial investment to boost public charging station infrastructure. On the 25th, it was revealed that nearly $1 billion is allocated for this purpose over 2023 and 2024, targeting the development of 4,865 charging units by the end of the year. Impressively, the current ratio of fast charge stations to electric vehicles stands at 32.2:1, significantly outperforming the EU's 80:1 recommendation.

Lazy bag

The adoption of electric vehicles is surging, with the Ministry of Transport funding 10 billion over two years. The fast charge station ratio is 32.2:1, surpassing EU standards.

Main Body

As the consciousness surrounding net-zero carbon emissions heightens globally, electric vehicle (EV) ownership is experiencing significant growth. This expansion necessitates robust charging infrastructure, a challenge that the Ministry of Transport has decided to tackle head-on by investing nearly $1 billion over two years (2023-2024) to establish public charging stations. Their commitment has led to the approval of 4,865 units, slated for completion by the end of the year.

As per the latest statistics, as of the end of February, the number of registered electric passenger cars in the country hit 99,980, marking an increase of 39,493 units or 65% year-on-year. While electric vehicles currently constitute only 1.3% of the approximately 7.42 million passenger vehicles nationwide, their growth trajectory is steep.

Wei Yu, Deputy Director at the Ministry of Transport's Road Administration Division, emphasized the urgency of establishing public charging stations. Through the "Public Charging Station Installation and Regional Charging Needs Assessment Plan," the Ministry has allocated $980 million in subsidies to local and central government bodies and tourist sites, aiming to install 4,865 charging units within public parking facilities. Of these, 4,124 are standard charging units, while 741 are fast chargers. Additionally, three sets of charging pile information management module platforms are planned. As of February, 1,045 standard and 30 fast chargers were operational.

Furthermore, the Ministry's efforts are complemented by additional funding from the Environmental Ministry and local governments, collectively resulting in an impressive total of 10,838 public charging units nationwide. Correspondingly, with 99,980 registered electric vehicles, the overall nationwide car-to-charger ratio stands at 9.2:1, adhering to the EU's overall public charging recommendation of 10:1. Specifically, the fast charge station-to-vehicle ratio is 32.2:1, which also exceeds the EU's fast charge recommendation of 80:1.

Key Insights Table