Demand in the world's biggest car...

Demand in the world's biggest car market...



https://cnevpost.com/2024/01/12/china-aims-nevs-45-pct-car-sales-2027/


China aims for NEVs to contribute 45% of new car sales by 2027
The previous target was for the figure to reach 40 percent by 2030 and 50 percent by 2035.

China has set a new target for the development of new energy vehicles (NEVs), as their penetration grows beyond initial expectations.China's goal is to strive for 45 percent of new vehicles added to be NEVs by 2027, according to a State Council document released by the official Xinhua News Agency on January 11.By then, older internal combustion engine vehicles will be largely phased out, according to the document.

In 2023, retail sales of passenger NEVs in China amounted to 7.74 million units, contributing 35.7 percent of the total passenger car sales of 21.7 million units, according to the China Passenger Car Association (CPCA).

The rapid increase in NEV penetration has exceeded many expectations.

NEV penetration in China reached 28.2 percent in 2022, three years ahead of China's target of 20 percent for its 14th five-year plan (2021-2025), Miao said.

The trend of NEVs replacing conventional fuel vehicles is already taking shape, and the original target of more than 50 percent NEV penetration by 2035 is likely to be achieved ahead of schedule in 2025 -- by 2026 at the latest, Miao said previously.



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