BUSINESS China's NEV penetration set for further rise

BUSINESS

China's NEV penetration set for further rise

Xinhua

13:33, August 20, 2021

Workers examine new energy vehicles ready to roll off the production line at SGMW's branch in Qingdao, Shandong province, on Feb 17. (Photo: China Daily)

Market penetration of new energy vehicles (NEVs) in China is set to rise further as the economy steadily recovers and public awareness for environmental protection grows, the Ministry of Commerce (MOC) said Thursday.

Earlier data showed China's NEV sales hit a historic high to nearly 1.48 million units in the first seven months of the year, surpassing the total NEV sales in 2020.

The data accounted for 10 percent of new car sales during the period, up 6.1 percentage points from the share in the same period last year.

MOC spokesperson Gao Feng attributed the strong growth to a slew of government efforts to spur consumption of these green vehicles, including launching promotion activities in rural areas, easing purchase restrictions, and making charging and parking services more convenient.

NEV sales should sustain the growth momentum, Gao noted.

China aims to raise the proportion of new NEVs in the sales of new vehicles to 20 percent by 2025, according to a development plan for China's NEV industry released last year.

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