China NEV industry on fast track

CHONGQING: Huang Zhi, a new energy vehicle (NEV) owner in southwest China’s Chongqing Municipality, is fascinated by the enjoyable driving experience brought by his car.

In China, more and more car buyers are opting for NEVs, which reflects the rapid development of the NEV industry in the country.

The production and sales of NEVs in China have occupied nearly half of the global market. In September this year, the sales volume of NEVs increased 67.7% year on year in the country.

Despite the impact of the Covid-19 epidemic, many Chinese NEV enterprises have seen their production and sales rise as they are highly favoured by the capital market.

In mid-November, NIO’s share price was close to US$50 and the market value of its stocks exceeded US$60bil, surpassing many internationally renowned car manufacturers.

“Domestic brands have the ability to compete with foreign brands, which was difficult in the past, ” said Gao Guohua, chairman of State Development and Investment Corp Ltd. — Xinhua

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