China May Hike NEV Sales Ratio to 25%
China is reviewing a proposal that would boost the country’s new-energy vehicle (NEV) sales ratio to 25% of the country’s car market by 2025.
China is reviewing a proposal that would boost the country’s new-energy vehicle (NEV) sales ratio to 25% of the country’s car market by 2025, Reuters reports.
The original goal set two years ago aimed to achieve sales of NEVs—plug-in-hybrid, battery-electric and fuel cell-powered vehicles—equal to at least 20%. Both ratios come from China’s Ministry of Industry and Information Technology.
The new target is part of the ministry’s latest draft plan to develop China’s NEV industry. The proposal also calls for backing efforts to develop advanced battery technologies and build a hydrogen fueling infrastructure to support fuel cell powertrains, Reuters says.
China’s demand for NEVs in 2018 surged more than 60% to about 5% of the country’s overall market, according to the China Assn. of Automobile Manufacturers. But sales plunged by one-third through the first 10 months of this year as the government reduces its subsidies for such vehicles.
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