The Chinese car industry’s golden child, New Energy Vehicles (NEVs) combines market rivalry with sustainability. The NEVs include Battery Electric Vehicles (BEVs), Plugin Hybrid Electric Vehicles (PHEVs), and Extended Range Electric Vehicles (EREVs).
Given that, the Chinese Ministry of Industries and Information Technology has stated that it will optimize its policy to support NEV purchases and use. China will continue to pursue worldwide dominance in the NEV business.
Recently, the country produced its 20 millionth NEV, a silver GAC Aion Hyper GT.
FAW, Dongfeng, SAIC, Changan, BAIC, BYD, Chery, JAC, Great Wall Motors, NIO, XPeng, and Tesla executives attended the Guangzhou ceremony.
China produced its 10 millionth NEV in February 2022. In just a year and a half, the China Association of Automobile Manufacturers has doubled that number.
The country’s auto industry is undergoing a massive transition, which is being spearheaded by NEVs. The domestic market share of independent Chinese automotive brands surpassed international automobile brands during H1 2023, reaching 53.1%.
Furthermore, compared to the same period last year, NEV output and sales in China climbed by 45.1% and 46.8% respectively, while the penetration of NEVs reached 27.7%.
NEV sales in China’s high-end car segment are rising. The Chinese automakers are maintaining their focus on low to mid-range NEVs as well with an aim of global expansion.
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