VI. EV market entering fast lane

The State Council approved a new development plan for the new energy vehicle (NEV) industry from 2021 to 2035 on Nov 2, and NEVs are believed to be a key driver in Chinese vehicle sales growth.

According to the plan, the nation's NEV sales are expected to account for 20 percent of overall new car sales by 2025, and purely electric automobiles are set to become the majority of new cars by 2035.

The development of "new infrastructure", such as charging pile construction and 5G, will continue to boost the growth of new energy vehicles in China.