_913.jpg.webp "A new energy vehicle (NEV) produced by China's leading NEV manufacturer BYD during the China Import and Export Fair, also known as the Canton Fair in Guangzhou, south China's Guangdong Province. Photo by Xinhua/Deng Hua.")
New-energy vehicles (NEVs) are expected to grab over 30% share of China's auto market in 2025, according to the electric vehicle industry think tank China EV100, The Xinhua News Agency reported.
"NEV sales in the world's largest auto market are expected to exceed 5 mln units in 2022 and reach at least 7 mln units in 2025", – said Zhang Yongwei, vice president of China EV100, adding that "in an optimistic scenario, the sales could even reach 9 mln to 10 mln units in 2025".
In the January-November period of 2022, NEV sales amounted to about 2.99 mln units, surging by 166.8% year on year and accounting for 12.7% of nearly 23.49 mln units in total sales of new vehicles, according to the China Association of Automobile Manufacturers.
"In the next three to five years, the medium and small-sized cities and vast countryside will become an important market for driving the growth of NEV sales in the country", – Zhang said.
"With government subsidies being scaled back in 2022 and the launch of foreign brand models, the NEV manufacturers are expected to face more fierce market competition in the next few years", – Zhang added.
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