China’s New Energy Vehicle Sales Look Set to Exceed 6 Million Units in 2022 under Policy Incentives

Published: Jun 6, 2022 11:05

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SHANGHAI, Jun 6 (SMM) - China has rolled out a series of favourable policies aimed at promoting the development of the new energy vehicle industry.

The State Council: To optimize the investment, construction and operation mode of new energy vehicle charging piles (stations)

The Ministry of Finance: To vigorously support the development of new energy vehicles

The National Development and Reform Commission, and the National Energy Administration: To actively participate in the formulation of international standards for electric vehicles

The Ministry of Industry and Information Technology: To ensure the smooth operation of the supply chain, and organize a new round of “new energy vehicles going to the countryside” activities

The National Development and Reform Commission and the Ministry of Commerce: The R&D and manufacturing of key components for new energy vehicles and smart vehicles will be included in the 2022 edition of the Catalogue of Industries Encouraged for Foreign Investment

Thanks to the strong support from a series of policies, China's new energy vehicle production and sales continued to grow rapidly. According to the CAAM, China’s NEV production and sales were 1.61 million units and 1.56 million units respectively from January to April 2022, up 110% YoY. According to the rough statistics of the www.itdcw.com, there were more than ten new energy models with sales of more than 10,000 units in the domestic market last month. The deliveries of Li Auto, Xiaopeng and Leap Motor all exceeded 10,000 units in May. BYD's monthly sales of new energy vehicles once again exceeded 100,000 units in May, reaching 114,943 units. In addition, the CPCA predicts that the global sales of new energy vehicles will reach 10 million units in 2022, with China accounting for 5 million units. Yu Qingjiao, secretary general of the Zhongguancun New Battery Technology Innovation Alliance, has a more optimistic prediction, saying that China's new energy vehicle production and sales are expected to exceed 6 million units this year.

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