business

China’s new energy vehicle sales to surge 54 pct in 2021: report

BEIJING, Jan. 16 (Xinhua) — China will likely see a boom in sales of new energy vehicles (NEVs) in 2021, according to a report.

As more popular NEV models are expected to go on sale in 2021, consumers’ enthusiasm will be ignited, pushing NEV sales up 54 percent year on year to 2.1 million units, said the report from Citic Securities.

NEV sales went up 10.9 percent year on year to 1.37 million units in 2020 amid government efforts to encourage their use and ease pressure on the environment.

In November last year, China unveiled a development plan for its NEV industry from 2021 to 2035 that aims to accelerate the country’s transition into an automotive powerhouse.

The proportion of new NEVs in the sales of new vehicles is expected to rise to 20 percent by 2025, and vehicles used in public transportation will be completely electrified by 2035, according to the plan.

The Citic Securities report also forecast that China’s passenger car sales will rise 15 percent year on year in 2021. 

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