Fitch Says China's New Energy Vehicles Will Soar Over 30% in 2023

Yang Jing, director of enterprise research in the Asia-Pacific region of Fitch Ratings, said that the Chinese auto market recovered from the downturn in the first quarter of this year, and sales picked up in the second quarter.

Fitch expects that new energy vehicles will still be the main growth driver of the market, and the annual growth rate is expected to exceed 30%. China's new energy vehicle industry chain has a competitive advantage.

With the policy of "same price for oil and electricity" being realized ahead of schedule, Fitch expects mainstream joint venture fuel vehicles to face unprecedented pressure. Rural policies and new battery materials may boost the sales growth of small and micro models.

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