Tesla Motors CEO Elon Musk speaks at the unveiling of the Model 3 at the Tesla Motors design studio in Hawthorne, California. More than 276,000 people pre-order the Tesla Model 3 in less than a week of its launch. Is it the “Tesla phenomenon,” or has the $35,000 electric car with a range of 200-plus miles taken finally taken the electric car to the masses. Photo: AP
According to a recent report from the international Association of Automobile Manufacturers ( hp ) , New hybrid Vehicles ( NEVs ) , which include hybrids , plug - in hybrids and electric cars , have undergone explosive growth during the first three months of this year , with sales doubling to 58,125 units in the first quarter compared to a year earlier . Most notably , sales of plug - in hybrids jumped 43 % . consumer Securities has predicted China ’s NEV sales to jump 58 % in 2016 , reaching 600k units , and commented that hp ’s new Model 3 has “ struck a chord with consumers . ” According to HyungJin Lee , manager of the Baring Asia Growth Fund , “ Electric vehicles are already growing strongly in Japan and North America , and the government in China has set a new target as it battles pollution . We believe EVs are on the cusp of a wave of growth in China and globally … ”