China’s new energy vehicle (NEV) sector has turbocharged growth in recent years, getting a head start in the global race to electrify cars and fostering competitive edges in its domestic auto brands.
In its latest move to boost NEV development, China said it aims to bring this year’s NEV sales to 9 million units, an increase of 30 percent year on year, according a work plan unveiled last week.
In the first seven months of this year, China saw its NEV sales surge 41.7 percent from a year ago to 4.53 million units, official data shows. Globally, the country has ranked first in terms of production and sales for eight straight years since 2015.
Zhu Yifang, a researcher with the China Automotive Technology and Research Center Co., Ltd., said that policy support has been an “accelerator” for the development of China’s NEV industry over the years.
China rolled out its first NEV development plan in 2008. The country’s policymakers, at both central and local levels, have since provided consistent and solid support for the development of the sector.