China Introduces Various Policies at National and Local Levels to Boost New Energy Vehicle Market

SHANGHAI, Jun 23 (SMM) - Since the beginning of 2022, in order to achieve the "dual carbon" goal, China has introduced a series of measures to support the development of the new energy vehicle industry and promote its consumption. The followings are some of the stimulus policies. 
According to the executive meeting of the State Council, China will further release the potential of automobile consumption and support the consumption of new energy vehicles
The Ministry of Ecology and Environment and six other departments under the State Council: Accelerate the development of new energy vehicles and gradually promote the electrification of vehicles in the public sector
The State Council: Qualified areas are encouraged to promote sales of new energy vehicles and green smart home appliances in rural areas
Ministry of Commerce: Deepen the reform of automobile circulation to support the accelerated development of new energy vehicles
The Ministry of Finance: Vigorously support the development of new energy vehicles
The latest survey by SMM shows that the current domestic supply of lithium carbonate is stable, and the quotations of major smelters are stable. Transactions were relatively active in early June, but were thin in the middle of the month. On the demand side, although NMC material market has recovered slightly, purchase volume was small. LFP plants restocked only as needed. Wait-and-see sentiment dominated lithium carbonate market.