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)
