The company, specialized in lubricants, release agents for the metal industry and products for maintenance & recovery plans to develop battery saving technology applications destined for the electric vehicle market and implement these on the Chinese automotive market.
"China will lead the development of electric cars, whose electric car market is bound to boost other countries' development in the field," Portrait of Hanno D. Wentzler - President and CEO of Freudenberg Chemical Specialties, Regional Representative for China was quoted as saying by the aforementioned source.
"In the future, China will remain the centre for electric car development. Freudenberg Group will integrate the experiences from its branches all over the world to develop battery saving technology," he added.
China’s hybrid and electric vehicle annual output will reach a figure of 500,000 units by the end of 2011. Analysts predict that by 2020, almost 100,000 hybrid and electric vehicles will be produced in Shanghai alone.
The country’s government has prepared a program through it will offer funds of almost $1.5 million to support the development of new energy technology for domestic enterprises. To test these policies, the authorities will introduce pilot programs for the promotion of new energy vehicles in 13 cities, including Beijing and Shanghai.
As for the overall automotive market (with the majority of vehicles being powered by internal combustion engines only), China has become the world’s largest car market last year.
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