CHINA is extending its lead in the development of new-energy vehicles this year, mainly driven by rapid market growth and increasing battery production capability, according to a report published by German consulting firm Roland Berger.
In terms of the sales target of electric vehicles, China sets a target of having electric vehicles account for 15 percent to 20 percent of the total car sales in 2025 and 40 percent to 50 percent of those sold in 2030, Roland Berger said in its report.
The consulting firm said the top five electric models and plug-in hybrid electric models in China are all produced by Chinese manufacturers and more new models will come to the China market in the next few years.
China aims to further strengthen its position as the global leader in battery cell production. Locally made lithium-ion cells are used in more than 90 percent of the vehicles produced by Chinese manufacturers, the report said.
The production of battery cells will see their market share continue to increase in China. The largest battery producers in China include BYD Co Ltd, Contemporary Amperex Technology Ltd, Tianjin Lishen Battery Joint-Stock Co Ltd and Wanxiang Group, the report said.
Sales of new-energy vehicles reached about 507,000 units last year, up 53 percent year-on-year. The double-digit sales growth of new-energy vehicles expected to continue this year due to key drivers include government subsidies and simpler licensing procedures, the report said.
Credit source: Shanghai Daily