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Current Status of New Energy Vehicle Industry Development
Publication Time:
2025-05-08
Author:
Author
Source:
Cloud Design
Abstract
Song Qiuling, deputy director of the Economic Construction Department of the Ministry of Finance, stated at the 2018 China Automotive Industry Development International Forum held in early September 2018, "We believe that the development of China's new energy vehicle industry is still at a critical stage where it must keep moving forward or it will fall behind." First, the recent frequent spontaneous combustion accidents have undoubtedly poured cold water on the new energy vehicle industry. "As an emerging field, new energy vehicles have shortcomings in theory and technology." Industry insiders say that, according to incomplete statistics, at least 10 combustion accidents involving electric vehicles have been reported by the media in the first half of this year.
Meanwhile, there are 487 electric vehicle manufacturers in China, with only a handful possessing the necessary qualifications. Industry insiders believe that only 10% of current Chinese electric vehicle startups will survive the next five years.
In April 2024, the China Passenger Car Association (CPCA) released national vehicle market information, showing that the retail and wholesale sales of new energy vehicles accounted for 50.4% and 50.2% of the automotive market, respectively, both exceeding 50%. This is the first time that the new energy penetration rate in the domestic market has exceeded 50%, signifying that new energy vehicles have become a mainstream choice for Chinese consumers.
In the first half of 2024, 4.397 million new energy vehicles were newly registered, a year-on-year increase of 39.41%, setting a record high. New energy vehicle registrations accounted for 41.42% of total vehicle registrations. As of the end of June 2024, the national stock of new energy vehicles reached 24.72 million, accounting for 7.18% of the total number of vehicles. Among them, the stock of pure electric vehicles was 18.134 million, accounting for 73.35% of the total number of new energy vehicles.
There are as many as 88 cities in China promoting new energy vehicles. This mainly covers the subsidy policies of ten major cities nationwide, and some cities not only offer substantial financial subsidies but also additional policy incentives. Compared with local subsidy policies introduced in the previous two years, current policies are indeed stricter and more comprehensive. However, the subsidy policies of some cities are still pending, affecting the development and promotion of new energy vehicles.
With the help of substantial subsidies from the central government and local governments, the new energy vehicle industry has developed rapidly, and its technological level and product quality have steadily improved. We firmly believe that domestic new energy vehicle technology will soon surpass that of foreign countries!
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