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The President of TGOOD Holds that Electric Cars Will Drive China’s Economy
COVID-19 and China
Car and gas station. Image Credit: Sag Llija / Unsplash

The shock of COVID-19 and the worsening relations between China and the US have threatened many firms and industries. TGOOD was one of them. Specifically, the firm lost CNY 75 million from its net profit in the first quarter of 2020. However, COVID-19 has also triggered the transformation on the Internet, from consumer-oriented online platforms to IIoT.

Based on the background of IIoT, Dexiang Yu – the president of TGOOD – argues that new energy and new energy cars would be the biggest emerging industry in China. Moreover, with the development of electric cars, the ratio of renewable energy resources ought to increase from 29% to surpass 50% within five years.

To stimulate China’s economy after being negatively affected by the disease, investment and consumption could be two main methods. As the Chinese government has set limitations on housing speculations, Dexiang Yu expected electric cars would be an essential factor to drive the economy. For instance, electric cars stimulated the production of charging piles, as TGOOD has invested CNY 7 billion to build 0.28 million charging piles within six years.

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