China vows to pull out all the stops for EV supply chain buildup

Beijing to order 3 state-backed automakers to step up R&D spending

20240318N China auto show

The penetration of new energy vehicles in China could exceed 50% within the next three months, according to BYD Chairman Wang Chuanfu. © Reuters

SHUNSUKE TABETA and SHIZUKA TANABE, Nikkei staff writers

BEIJING/GUANGZHOU -- The Chinese government plans to tap all the policy resources available to create a made-in-China electric vehicle supply chain, pressing three state-owned automakers to spend more on research and development.

Business executives and senior government officials involved in EV policy announced plans that would support the growth of the industry at the annual China EV 100 Forum held in Beijing over the weekend.

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