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UPDATE 1-China NEV sales to grow over 40% each year in next 5 years -industry body

Reuters2021-06-18

(Adds adviser's comment, background)

SHANGHAI, June 18 (Reuters) - China's new energy vehicle $(NEV)$ sales are expected to grow more than 40% each year in the next five years, a senior official at the China Association of Automobile Manufacturers (CAAM) said on Friday.

Fu Bingfeng, executive vice chairman of CAAM, made the remarks at a conference held by the industry body in Shanghai.

Fu's presentation showed that CAAM forecasts sales of NEVs, including battery electric, plug-in hybrid and hydrogen fuel cell vehicles, to hit 1.9 million units this year and 2.7 million vehicles in 2022.

NEV makers, such as Tesla Inc , Nio Inc , Xpeng Inc and BYD , are expanding manufacturing capacity in China, encouraged by the government's promotion of greener vehicles to cut pollution.

China could extend tax exemptions on NEV purchases beyond 2022 to support development of the sector, Wan Gang, a high-ranking government industrial policy adviser who is often referred to in state media as China's "father of EV", said at the same CAAM conference.

(Reporting by Yilei Sun and Tony Munroe; Editing by Muralikumar Anantharaman)

((Y.Sun@thomsonreuters.com; +86 10 66271262; Reuters Messaging: y.sun.thomsonreuters.com@reuters.net))

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Comment14

  • QuantumPanda
    ·2021-06-19
    To the moon!!!
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  • cripsy65
    ·2021-06-18
    Fly fly fly
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  • aaronh
    ·2021-06-18
    Good [開心] 
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  • LeeSJ
    ·2021-06-18
    NEV in china seems promising $NIO Inc.(NIO)$[財迷] 
    Reply
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  • Starbucks
    ·2021-06-18
    Yay!! $Tesla Motors(TSLA)$$NIO Inc.(NIO)$to the moon! [Call] [Miser] [Miser] 
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    • Nobi
      China GDP growth bringing everyone to the moon! [得意] [得意] [得意]
      2021-06-19
      Reply
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  • hiton
    ·2021-06-18
    Up up up
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  • Ming83
    ·2021-06-18
    Reply
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    • 50160107Acct
      https://www.tigerbrokers.com.sg/activity/market/2021/7th-anniversary/*03IEG2-index.html?feature=Message&lang=en_US&skin=1&platform=ios&invite=03IEG2&cardShare=G&cardId=1623893281943w&share=WhatsAPP
      2021-06-18
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  • JHuat
    ·2021-06-18
    Leader in the EV world. Push for No 1
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    • Sharkie
      hope that Tesla will see more positive news soon
      2021-06-18
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    • Ming83
      Reply
      2021-06-18
      Reply
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  • 50160107Acct
    ·2021-06-18
    My post
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  • 股王好
    ·2021-06-18
    Power stock
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  • sebsebseb
    ·2021-06-18
    Crazy news
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  • 50160107Acct
    ·2021-06-18
    Comments 
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  • hearts
    ·2021-06-18
    Go go go
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    • aaronh
      ?
      2021-06-18
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  • Siak
    ·2021-06-18
    good morning
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