China expects sales of NEVs to make up 20% of total new sales by 2025

FAN Editor
Charging cable is seen hooked to a car at a charging point for electric vehicles in Beijing
FILE PHOTO: A charging cable is seen hooked to a car at a State Grid Corporation of China charging point for electric vehicles in Beijing, China March 3, 2018. Picture taken March 3, 2018. REUTERS/Stringer

November 2, 2020

SHANGHAI (Reuters) – Sales of new energy vehicles (NEV) in China, the world’s biggest auto market, will jump to 20% of overall new car sales by 2025 from just 5% now, the State Council said on Monday.

NEVs include battery electric, plug-in hybrid and hydrogen fuel-cell vehicles. The industry expects China to sell around 1.1 million NEVs this year.

The new outlook for NEVs in 2025 is lower than a 25% goal mentioned in a policy proposal published by China’s Ministry of Industry and Information Technology last year.

China also wants technologies of key electric vehicle component to improve significantly by 2025, the State Council said in a policy. It also wants the industry to build a more efficient electric vehicle charging and battery swapping network.

China’s auto industry, the world’s biggst, now expects to sell 1.1 million NEVs this year.

(Reporting by Yilei Sun and Brenda Goh; Editing by Catherine Evans and Louise Heavens)

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