Half of the world’s new energy vehicles are in China

The number of new energy vehicles (NEVs) registered in China has reached 10.99 million as of the end of August, accounting for about half of the world total, an official with the top economic regulator said.

“China has stepped up its efforts to promote energy saving and low-carbon transportation, as the production and sales of NEVs have ranked first worldwide for seven consecutive years,” said Liu Dechun, director of the department of environmental protection and resource conservation of the National Development and Reform Commission (NDRC), at a press conference.

China’s new-generation electric vehicle industry, which has developed vigorously, has benefited from the country’s two green goals, which are to reach the maximum level of carbon dioxide emissions in 2030 and achieve carbon neutrality in 2060.

In 2021, NEV sales in the world’s largest car market rose 160% year-on-year to 3.52 million units, according to official data. Chinese NEV makers are booming as demand rises, with sales expected to reach a record 6 million units this year in the domestic car market.

The booming NEV sector has attracted and fueled the growth of a growing number of Chinese and foreign companies, including US leader Tesla Inc. The US electric car maker this week completed a project to expand the Tesla’s gigafactory in Shanghai, and it has also produced its millionth vehicle in mid-August.

China plans to raise the share of NEVs in new vehicle sales to 20% by 2025. The target has been set for 2020, and for now, market insiders believe the country will reach the target ahead of schedule.

China’s industrial production, retail sales rebound in August

Separately, China has raised concerns about a recently passed US law, especially regarding what are seen as discriminatory provisions towards electric vehicle subsidies.

China’s new-generation electric vehicle industry, which has developed vigorously, has benefited from the country’s two green goals

Certain provisions of the US Inflation Reduction Act 2022 rely on conditions such as vehicle assembly in North America as prerequisites for eligibility for subsidies, discriminating against imports of like products, it said on Thursday. Shu Jueting, spokesman for the Chinese Ministry of Commerce.

Shu added that the move may have violated the most-favored-nation treatment and national treatment principles under World Trade Organization rules, and China is monitoring the situation to safeguard its legitimate rights and interests.

Article republished by the Chinese state media CGTN within the framework of an agreement between both parties to share content. Link to original article:https://news.cgtn.com/news/2022-09-22/Half-of-world-s-new-energy-vehicles-are-in-China-NDRC-1dxgPkIMXPW/index.html