Major Growth Predicted for New Energy Cars Worldwide

If you're an electric-vehicle fan in China, you're in luck.

The country has set a goal of having half of all new energy passenger vehicles (New Energy Vehicles, or NEVs) sold in the country by 2035, and experts say they're on track to hit that target, the South China Morning Post reports.

"The global automotive industry must advance full electrification to achieve more than 50% market share of NEVs by 2035 to meet schedule," Wan Gang, president of the China Association for Science and Technology, said at the 2024 World New Energy Vehicle Congress in China last month.

China sold more than 7 million NEVs in the first eight months of this year, accounting for 35% of the country's total car sales, and the market share of NEVs in retail sales exceeded 50% for the first time in the past three months, Xin Guobin, vice-minister of the industry and information technology, said at the congress.

But there's still a lot of work to be done.

Global sales of NEVs reached 10 million units in the first eight months of this year, up 30.9% year-on-year, and they accounted for 18% of total vehicle sales from January to August, the Morning Post

Read the Entire Article