State Grid to Spend $383m for Setting up 78,000 Charging Piles

State Grid Corp of China, a State-owned electric utility, that it would invest 2.7 billion yuan ($383 million) to set up 78,000 charging piles across the country, as China seeks to further promote the development of electric vehicles and related sectors. The new batch of charging piles will be distributed to 24 provinces and municipalities, including Beijing, Tianjin, Jiangsu province as well as northwestern China's Qinghai province. Among them, 53,000 charging piles will be located in residential areas while 18,000 will be for public use. The move is expected to boost the revenue from sales of new energy vehicles by over 20 billion yuan and foster the production of power products and components, as well as upstream and downstream industries of NEVs. By the end of year 2020, the nation will invest over 10 billion yuan on the charging pile industry and plans to establish 200,000 new charging stations including 20,000 public ones, according to the National Development and Reform Commission.

Source : https://bit.ly/3aaC995