Expectations

China's NEV penetration could reach 30 percent by 2025, and even 60 percent in first-tier cities where there are restrictions on car purchases, he said.

Good news for the global automotive industry hit by a global chip shortage.

The CPCA forecast that China's new energy passenger car sales will reach 2.4 million units this year.

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.

In the opinion of William Li, China's electric vehicle market is expected to spread rapidly over the next 10 years as demand from the general public begins to be activated.

While the transition from fuel to electric vehicles is difficult, once consumers accept the shift, they basically won't go back to fuel cars, Li said.

William Li, founder and chairman of Nio, said he is confident that the Chinese electric car maker will become the smart electric car brand with sales exceeding 1 million in China.

The subsidy policy for new energy vehicles in China will be completely withdrawn in 2-3 years.

China's annual sales of new energy vehicles this year are expected to exceed 1.3 million units, an increase of nearly 8 percent.

Sales of the US-listed Chinese electric car trio are now on a rapid rise after a difficult period.