Asia Express - East Asian ICT
Chinese New Energy Vehicle Sales to Top Over Three Million Units by the End of 2021
November 26, 2021

Sales of Chinese new energy vehicles, mainly comprising of BEVs (Battery Electric Vehicle), HEVs (Hybrid EV), and FCEVs (Full Cell EV), is estimated to reach three million by the end of 2021, up from two million as of this September, the Sina News reported on November 26. According to China’s Blueprint for Development of New Energy Vehicle Industry through 2035, China’s new energy vehicles is expected to account for 20%, 40%, and 50% of the Chinese auto industry in 2025, 2030, and 2035, respectively. By 2030, global automakers plan to invest over US$500 billion in EVs and EV batteries, US$110 billion of which will be from Volkswagen. In China, Changan Automobile plans to inject $100 billion RMB (US$1=6.3 RMB; US$15.9 billion) into new energy vehicles while GAC Group will pour $80 billion RMB (US$12.6 billion) to $100 billion RMB (US$15.9 billion) by 2025 to accelerate the development in battery cells, new energy vehicles, and digitalization. Meanwhile, sales of global EVs (BEV and HEV) has accounted for over 10% of the global auto industry for the first time this year. Sales of global EVs are estimated to grow from 11 million units in 2020 to 145 million-230 million units by 2030 and the CAGR (Compound Annual Growth Rate) over the period is 30%, according to MIC (Market Intelligence & Consulting Institute), a major government think tank and IT research institute in Taiwan.