China NEV Market

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.

The penetration of NEVs - their share of total sales - exceeded 10 percent in the first eight months.

From January to July, the value-added of the automobile manufacturing industry in Guangdong grew 20.7 percent year-over-year.

A conservative estimate of 60 percent of total annual sales in the second half of 2021 means 1.8 million unit sales in the second half of 2021, with annual sales exceeding 3 million units, the report said.

Beijing has been approved as a demonstration city for hydrogen fuel cell vehicles and will increase its support for the sector.

Chinese cities are encouraged to create more convenience for new energy vehicles in scenarios including charging, traffic access, and parking, said Gao Feng, a spokesman for the Ministry of Commerce, on Thursday.

In contrast, China's July auto sales declined 11.9 percent compared to the same month last year.

Retail sales of new energy vehicles from January to July reached 1.229 million units, up 210.2 percent year-over-year.

Cui made the call based on the rapid growth of China's new energy vehicle industry this year, saying he believes the CPCA's June forecast for new energy passenger vehicle sales to reach 2.51 million units this year was conservative and will be revised upward in the future.