The expansion of pure electric vehicles could be slowed by a lack of charging infrastructure and high insurance costs in some markets, BNP Paribas said, sounding a note of caution in Hong Kong at a time when Chinese domestic EV sales and exports are surging due to high petrol costs caused by conflicts in the Middle East.
James Kan, head of industrials research in Asia-Pacific at the Paris-based bank, said charging infrastructure was not necessarily present in many countries.
The bank believes EVs and internal combustion engines will continue to coexist, he said, as BNP Paribas opened its two-day annual EV and mobility conference in Hong Kong on Monday.
BYD’s Denza Z9 GT electric vehicle (EV). Image credit: BYD
High costs
