Chinese electric vehicle sales to go from 9pc to 90pc of market by 2030
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By 2030, the proportion of NEVs in the Chinese market is expected to reach between 70% to 90%, according to major Chinese car makers.
The Chinese government has set a target for NEVs — which include battery-powered and hybrid electric vehicles — to make up 20% of new car sales by 2025, Argus says.
Some major carmakers reckon this is too conservative.
“By 2030, the proportion of NEVs in the Chinese market is expected to reach 70%. Chinese brands have surpassed [other brands] on a technical level,” Wang Chuanfu, chief executive of Chinese NEV producer BYD, said at an industry conference in southwest China’s Chongqing city.
Li Bin, chief executive of Chinese NEV manufacturer Nio, predicted at the conference that EVs could account for 90% of market share in China by 2030.
Meanwhile, oil giant Sinopec has a more conservative forecast for NEV penetration – 50% by 2035.
“China has extended subsidies for NEVs to 2022, providing support for sales,” Argus says.
“China’s NEV output rose to 967,000 units during January-May, up by 2245 on the year, with sales also rising by 224% to 950,000 units, according to data from the China Automotive Manufacturers Association.
“The latter represents a market share of 9%.”