The Asian market and especially China have been a major growth market for electric car makers
. As data from the International Energy Agency shows
, electric car ownership has been rising in Europe and North America, but not as fast as in China, where it at doubled (or close to doubled for the most recent year) every year since 2013. Sales numbers for 2019 suggest that the trend is ongoing. The IEA also projected that there will be 125 million electric cars by 2030, with China and Europe as the biggest adopters.
European and U.S. companies are already trying to tap into the Asian EV market. Tesla broke ground on a factory close to Shanghai in the beginning of the year and Dyson has announced that it is also building its first-ever electric vehicle factory in Asia, choosing Singapore as a location. The British company best-known for making vacuum cleaners already has 1,100 employees including its CEO Jim Rowan located in Singapore, which may have contributed to the decision to build a factory in the city-state instead of China, which would have been the more obvious choice.