EV Industry

Retail penetration of new energy vehicles in China, their share of total sales of all vehicles, reached 17.1 percent in August.

The project will be based on Sinopec's in-house developed technology and will be put into operation in the first quarter of next year.

August retail sales of luxury cars in China were 278,000, down 9.4 percent year-on-year, according to a recent report by the China Automobile Dealers Association.

Geely said the Covid-19 outbreak in some regions and a global chip supply shortage affected its deliveries in August, but retail sales were still at an all-time high for the same period.

Smart's new car will be built at a new plant in Xi'an, China, which will have an annual capacity of about 150,000 units.

Officials from China's top economic planner, the National Development and Reform Commission, recently researched the "battery swap model" of new energy vehicles and its application in Beijing.

With the development of smart connected cars, cyber data security issues have come to the fore and could pose significant security risks, a senior Chinese official said.

The global NEV sales are expected to grow 84 percent to 5.96 million units in 2021 and 40 percent to 8.37 million units in 2022, said CITIC Securities.

China's market share increased by 6 percentage points in July from 47 percent in June, while Europe fell to 31 percent from 39 percent and the US grew to 12 percent from 11 percent.

China supports the development of all-solid-state lithium batteries, cobalt-free power batteries, and industrial hybrid lithium-ion batteries.