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Caixin

China's new-energy vehicles reach a turning point

EV 'ecosystem' developing, but carmakers face fall in value of credits

Although analysts are bullish on the industry, NEV stocks declined nearly 12% in the first month of 2022.    © Reuters

China's new-energy vehicle (NEV) industry set records in 2021. The country produced 3.54 million NEVs, including battery-electric cars and plug-in hybrids, and sold 3.52 million of them. Sales were up 181% from 2020 and exceeded the total of the previous three years. In 2021, NEVs made up 15.7% of the country's car market.

The numbers boosted market enthusiasm. Experts predict that NEV sales in China will jump to 5 million to 6 million cars this year, taking 25%-30% of the domestic auto market. China will be by far the world's largest producer and buyer of NEVs.

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