China to Enhance NEV Market, Produce Two Million Units by 2020, Authorities Say
Yicai Global
/SOURCE : Yicai
China to Enhance NEV Market, Produce Two Million Units by 2020, Authorities Say

(Yicai Global) Jan. 16 -- New-energy vehicle (NEV) production volume in China will grow to two million units by 2020, and NEVs will make up more than 20 percent of total auto sales by 2025,the Industry and Information Technology Ministry said.

The global influence and market share of major Chinese NEV makers will be further enhanced, a plan prepared by the ministry says. It envisions that the country will rank among the world's leading connected smart car manufacturers and set up a secure and manageable auto parts market.

To achieve these goals, yearly production targets will be assigned to NEV producers, and a long-term mechanism to ensure market-based industry development will be introduced to follow subsidies that are set to end in 2020, Minister Miao Wei, said at a forum on Jan. 14.

Data published by the China Association of Automobile Manufacturers last week shows 517,000 NEVs were produced in China in 2016, and 507,000 were sold, up 51.7 and 53 percent year-on-year, respectively.

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