China NEV Market

By the end of May 2021, China had about 5.8 million new energy vehicles, accounting for about 50 percent of the world's total, Xinhua news agency said Friday.

In the next five to eight years, China will gradually phase out and replace about 200 million vehicles with exhaust emissions that meet only "China IV" standards and below, giving the electric vehicle market huge space.

The continued increase in sales of premium electric models so far this year, while traditional fuel vehicles have been more severely affected by chip shortages, has allowed new energy passenger car penetration to rise rapidly.

In 2018 and 2019, more than half of global new energy vehicle sales come from China. In 2020 with the impact of Covid-19, China's contribution declined. Now, with the rapid growth of the market, China has regained its share.

"This policy is a major boon to the car market and will help the 7-seater market grow."

In today's China, it's no longer surprising to see tech giants announcing their entry into the car-building industry.

China's new energy vehicle sales in March were 226,000 units, up 238.9 percent year on year, according to data released Friday by the China Association of Automobile Manufacturers (CAAM).

Wood Mackenzie expects new energy vehicles and hybrids to dominate new car sales in China through 2035.

Self-service charging stations should use technologies that include intelligent, integrated charging and parking to address the problem of non-charging vehicles and completed charging vehicles occupying charging spaces.

Sales of all new energy vehicles are expected to reach 2.2 million units this year, up 900,000 units from last year.