EV Industry

Energy-efficient technologies, including brake energy recovery systems, will be included in the 2021-2023 dual-credit assessment.

Niutron's first model will be a mid-size SUV, which is scheduled for small batch trial production in March next year and will be officially launched in September next year.

The official expects China's vehicle sales to reach 26.1 million units this year, up 3.1 percent year-on-year, and are expected to reach 27.5 million units next year, up 5.4 percent year-on-year.

As of now, there are 409,000 NEV-related companies in China, with Shanghai being the city with the most, with 18,200.

Dedicated insurance coverage will ease some consumer concerns about buying NEVs.

The team expects China's NEV sales to be around 6.11 million units in 2022, accounting for more than half of the global market share.

"There's no better choice."

Edison Yu's team expects China's BEV penetration to be more than 40 percent by 2025, equivalent to about 10 million units.

HiPhi's first model, the HiPhi X, starts at RMB 800,000 ($125,600) for the four-seat version. By comparison, Nio's hot-selling Nio ES6 starts at RMB 358,000.

China's NEV sales from January to November were 2.99 million units, up 166.8 percent year-on-year.