BUSINESS China’s NEV sales jump 104.5% in October to hit 160,000 cars


China’s NEV sales jump 104.5% in October to hit 160,000 cars

Global Times

16:51, November 11, 2020

New energy vehicles are seen on the assembly line at Xi'an plant of BYD Auto in Xi'an, northwest China's Shaanxi Province, June 12, 2019. (Photo: Xinhua)

Sales of new-energy vehicles (NEV) in China surged 104.5 percent year-on-year to reach 160,000 units in October, while sales of all types of automobiles stood at 2.573 million in the month, a year-on-year increase of 12.5 percent, said the Association of Automobile Manufacturers (CAAM) on Tuesday.

According to the new development plan released early November, China will boost new-energy vehicle sector in next 15 years, and plans to raise the share of NEVs to 20 percent of total auto sales by 2025.

China "will make breakthroughs in core technologies, improve conditions for industrial development, promote high-quality and sustainable development for the NEV sector, and accelerate building of the auto manufacturing power," said the development plan, which is part of the 14th Five-Year Plan (2021-25) outline issued by the Fifth Plenum of the Communist Party of China (CPC) Central Committee.

In view of the huge potential of China's NEV market, overseas automakers are also raising their investment. For example, Tesla is building its phase II Gigafactory in Shanghai. Though Tesla has not revealed the exact number of cars to be produced for 2021, it said the building of the new factory is "progressing well."

The NEV sector is an integral part of China's long-term development plan. It is possible that the government will release new policies to support the development of NEVs such as favorable tax policies, experts said.

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue