New-energy vehicles (NEVs) are expected to grab over 30 percent share of China‘s auto market in 2025, according to the electric vehicle industry think tank China EV100.
NEV sales in the world’s largest auto market are expected to exceed 5 million units in 2022 and reach at least 7 million units in 2025, said Zhang Yongwei, vice president of China EV100, adding that in an optimistic scenario, the sales could even reach 9 million to 10 million units in 2025.
In the January-November period of this year, NEV sales amounted to about 2.99 million units, surging by 166.8 percent year on year and accounting for 12.7 percent of nearly 23.49 million units in total sales of new vehicles, according to the China Association of Automobile Manufacturers.
In the next three to five years, the medium and small-sized cities and vast countryside will become an important market for driving the growth of NEV sales in the country, Zhang said.
With government subsidies being scaled back in 2022 and the launch of foreign brand models, the NEV manufacturers are expected to face more fierce market competition in the next few years, Zhang added.