The core technology of new energy vehicles that is different from traditional vehicles is the “three-power” system. Namely, battery, motor, and electronic control. There are pure electric vehicles, such as electric car, hybrid electric vehicles, fuel cell electric vehicles, and so on. China’s new energy vehicles account for about half of the world’s total.
1. There are about 5.8 million new energy vehicles, including electric car in China.
Per the latest statistics of China association of automobile manufacturers, the number of China’s new energy vehicles, including electric car by the end of May 2021 is about 5.8 million. Accounting for about 50% of the total global new energy vehicles.
From January to May, the production and sales of new energy vehicles in China were 967,000 and 950,000 respectively. Both of which increased by 2.2 times year on year, and the market penetration rate reached 8.7%, showing a strong growth momentum.
The upstream and downstream of China’s new energy automobile industry chain have been effectively connected after more than 10 years’ development. The core technologies such as batteries, motors, and electronic control have basically achieved independent control. And the overall development level of the industry is in the forefront of the world.
At the same time, the supporting environment for new energy vehicles, including electric car is becoming more and more perfect. To April, China has built 65,000 charging stations, 644 power stations, and 1.87 million charging piles of various types, and built a fast charging network for expressways covering 176 cities and exceeding 50,000 kilometers.
2. China’s auto market is stable, which provides good business support for global auto companies.
According to the China Association of Automobile Manufacturers, despite the impact of the COVID-19 epidemic, China’s automobile market remains stable. The production and sales falling within 2% in 2020. And automobile production accounts for 32.5% of the global total, a record high.
Per predicted the next 5 to 8 years, a large number of in-use vehicles of national IV standards and below will be gradually eliminated and replaced. It will bring great development space to the new energy vehicle market.
In the next five years, the growth rate of production and sales of electric vehicles, including electric car is expected to remain above 40%.