China's Electric Vehicle Boom... 5 Million Units Expected Next Year

Cumulative Sales of 2.99 Million Units in November, Exceeding This Year's Sales Target of 2 Million by Over 1 Million
Optimistic Forecast of 7 to 9 Million New Energy Vehicle Sales Including Electric Cars in 2025

[Asia Economy Beijing=Special Correspondent Jo Young-shin] It is forecasted that sales of new energy vehicles, including electric vehicles, in China will reach 5 million units next year.

[Image source=Reuters Yonhap News]

Chinese media China Daily reported this by quoting Ouyang Minggao, an academician of the Chinese Academy of Sciences and vice chairman of the China Electric Vehicle 100 (think tank EV100).

He stated that as of the end of November this year, sales of new energy vehicles including electric vehicles in China totaled 2.99 million units, and it is expected to reach 3.3 million units by the end of the year when trucks and buses are included.

Considering that last year’s sales of new energy vehicles including electric vehicles in China were 1.109 million units, the figure has nearly tripled in one year. China’s original sales target for eco-friendly vehicles including electric vehicles this year was 2 million units.

He added that although there are supply chain issues such as a shortage of vehicle semiconductor chips, the demand for eco-friendly vehicles including electric vehicles is surging rapidly, and sales could reach up to 5 million units next year. This corresponds to 20% of total automobile sales in China.

The Chinese government revealed a roadmap last November to increase the share of new energy vehicle sales to 20% of total new car sales by 2025 and to replace all public transportation vehicles with new energy vehicles by 2035. Considering that China’s annual new car sales were 26 million units (based on 2019), it was forecasted that sales of new energy vehicles including electric vehicles would reach 5 million units by 2025. If sales of new energy vehicles including electric vehicles in China reach 5 million units next year, it means the original target will be achieved three years ahead of schedule.

China Daily predicted that one out of every five new cars sold in China next year will be a new energy vehicle including electric vehicles, and the sales share of new energy vehicles including electric vehicles will exceed 20%.

Regarding the rapid increase in sales of new energy vehicles including electric vehicles, China Daily explained that the application of CATL’s cell-to-pack batteries and BYD’s blade batteries has extended the driving range of electric vehicles. It also explained that the release of various models and the Chinese government’s sales policies for new energy vehicles including electric vehicles will drive the surge in sales.

Vice Chairman Ouyang forecasted that sales of new energy vehicles including electric vehicles in China will reach 7 to 9 million units by 2025 and 17 to 19 million units by 2030.

This content was produced with the assistance of AI translation services.