SMM NiCoLiMn Summit: China’s NEV market share to rise to 20% by 2025

YIBIN, Apr 28 (SMM) – The market share of new energy vehicles (NEVs) in China is expected to expand to 20% by 2025 amid the government’s policy push, said Shi Jianhua, Deputy Secretary General of the China Association of Automobile Manufacturers (CAAM).

Developing NEV industry has become a national strategy, and the dual-credit policy will substitute for subsidies to primarily regulate and develop the industry in the long term, Shi told delegates at the SMM Nickel-Cobalt-Lithium-Manganese Summit on Sunday April 28 in Yibin, Sichuan province.

By 2025, sales of pure EVs, plug-in hybrids and hydrogen cars are expected to exceed 7 million units in China and 18 million units globally, Shi believes.

Global new energy passenger vehicle parc stood above the level of 3.4 million units by the end of 2017, accounting for 1.35% of market share. The compound annual growth rate for 2005-2017 came in at 58%.