Expectations

The amount of retired power batteries in China is going up year by year, with the scrap volume expected to exceed 18 GWh in 2021 and reach 91 GWh by 2025, according to TrendForce.

Audi believes that by 2030, sales of EVs could reach 2 million units in the high-end luxury car market.

BYD's DM-i platform models are in short supply, and the current delivery period is already up to four months, said Wang Chuanfu.

JPMorgan is bullish on the prospects for China's NEV industry, which coincides with the optimism of Chinese investors, one executive said.

The secretary-general of the CPCA said that with the supply of chips still uncertain in 2022, traditional carmakers will prioritize their limited resources for NEV models.

The forecast is safe because if NEV sales exceed 300,000 units in each of the remaining three months, sales will exceed 3 million units for the year.

With the rapid development of the smart car industry, the demand for AI chips is also exploding.

The penetration rate of electric vehicles is generally more than 15 percent in first-tier cities, meaning customer acceptance of EVs is on the rise, He said.

"The future is here because the minds of users are being changed, and even traditional car companies selling 200,000 a month can't ignore that," he said.

As the capacity of power batteries equipped in vehicles increases, global power battery demand will continue to grow faster than new energy vehicle demand, said CICC.