An electric car is charging in a parking lot in Kowloon Bay, Hong Kong. Photo: Asia Times/Lin Wanxia

The cost-performance ratio of electric cars will outperform fuel cars by 2025 at the latest, Caixin reported, citing Chen Qingtai, Chairman of China EV 100, at a forum on Sunday.

In support of the claim, Chen said there were three major trends in the industry: a number of countries are studying possible bans on traditional fuel cars; international auto giants are starting the transformation to electric vehicles; and, the popularity of smart cars and the growing sharing economy.

The Chinese government also supports the development of new energy vehicles due to potential energy savings, emission reductions and security, Chen added.

At the end of 2016, the total amount of China’s new energy vehicles surpassed 1 million, making it the world’s largest new energy vehicle nation, the report said.

“We can foresee that the future development trend of cars will be the combination of clean energy and AI,” Chen said.

“After 2025, the market will be more powerful to promote the transformation of consumer consumption. Traditional fuel vehicles will enter a rapid elimination process,” he said.