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.