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China’s top EV automakers predict new energy vehicles will dominate

On October 9, 2020, a traffic jam occurred on the main road in Shanghai, China.

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Beijing — New energy vehicles will dominate the world’s largest car market in about a decade, two executives from a major Chinese electric car company predicted over the weekend.

New energy vehicles are battery-powered hybrid vehicles. The category accounted for more than 10% of China’s new car sales in March and grew to 11.4% in May, said the founder of Wang Chuanfu. BYD..

He predicted that penetration would skyrocket to over 70% in 2030. This is according to a record of his remarks at the China Automobile Chongqing Summit held on June 12th and 13th.

William Lee, Founder and CEO of Electric Vehicle Startup Nio, Was more optimistic.He predicted it So-called smart electric vehicles will account for 90% of new vehicle sales in 2030., According to Chinese media reports.

When I was contacted by CNBC, Nio had nothing to add. US-listed automakers are leading the start-up in terms of monthly deliveries.

But Nio’s May shipments of 6,711 units decreased from April 7,102 units, Well below that of BYD.

BYD said in May that new energy passenger car sales increased 23% month-on-month to 31,681 units, of which just over half (18,711 units) are battery-powered.

According to the China Passenger Car Association, the company’s Hansedan is ranked as one of the five best-selling new energy vehicles for sale in China. This is just behind Tesla’s Model 3 and Model Y.

It is a low-priced electric car in the first place. Wuling Hongguang MiniDeveloped under General Motors‘Joint venture in China.

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China’s top EV automakers predict new energy vehicles will dominate

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