China’s new energy automotive industry is a global leader and consists of electric vehicles (EVs), plug-in hybrid electric vehicles (PHEVs) and hydrogen fuel cell vehicles (FCEVs), among other types. Below are some of the key points of the industry:
Policy support: The Chinese government has given strong support to the new energy vehicle industry at the policy level, including purchase subsidies, exemption from purchase tax, and a number of other non-financial policies such as vehicle purchase quotas and green licences.
Market size: China is the world’s largest market for new energy vehicles, with its sales volume ranking first in the world for many consecutive years. Consumer acceptance of new energy vehicles is high, which is related to the Chinese government’s environmental policy and air quality improvement goals.
Infrastructure development: China has also made significant efforts in the development of charging facilities. China already has the world’s largest network of charging facilities for electric vehicles.
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Among the Global 500 companies, China’s major players in the new energy vehicle industry include:
BYD: a leading global manufacturer of electric and plug-in hybrid vehicles and one of the world’s largest manufacturers of rechargeable batteries.
Geely: This company has several brands, including Geely, Volvo and Link, all of which have a presence in the electric vehicle sector.
GAC: GAC’s new-energy brands, the Atlas and the Chuanqi, are both selling well in the Chinese market.
China National Heavy Duty Truck: New energy vehicle business mainly in the commercial vehicle sector, including electric trucks and buses.
The energy sector is growing. Note, however, that the above list is subject to change due to the fast pace of development in the new energy sector.
