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China’s NEV market continues rapid growth

Updated: May 11,2018 9:38 PM     Xinhua

BEIJING — China’s new energy vehicle (NEV) market maintained rapid expansion in April thanks to government support for green transport.

NEV sales went up 138.4 percent year-on-year to 82,000 units last month, faster than the 117.4 percent registered in March, according to the China Association of Automobile Manufacturers (CAAM). NEV production also surged.

The country has intensified efforts to encourage the use of NEVs to ease pressure on the environment by offering tax exemptions and discounts for car purchases.

China has remained the world’s largest NEV market for three consecutive years, with some 777,000 cars sold in 2017.

The government expects annual NEV output to hit 2 million in 2020, and NEV sales to make up 20 percent of the overall auto market by 2025.

A total of 2.32 million vehicles were sold in China last month, up 11.47 percent year-on-year, according to the CAAM. Auto production went up 12.27 percent to 2.4 million.