17.5 C
New York
Thursday, June 13, 2024

China’s electric car leaders predict new energy vehicles will dominate the local market by 2030

  • New energy vehicles, which include electric cars, will account for 70% of China's new car sales by 2030, BYD founder Wang Chuanfu said at a conference over the weekend.
  • Nio founder William Li predicted a higher penetration rate of 90%.
  • The central government would like 20% of new cars sold to be new energy vehicles by 2025.

In this article

Traffic jams on the main roads of Shanghai, China, on Oct. 9, 2020.Costfoto | Barcroft Media | Getty Images

BEIJING — New energy vehicles will dominate the world's largest auto market in about ten years, two executives from major Chinese electric car companies predicted over the weekend.

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

He forecast that the penetration rate would surge to more than 70% in 2030. That's according to a transcript the company provided of his remarks at the China Auto Chongqing Summit held June 12 and 13.

Related Articles

Latest Articles