China’s NEV Market Is Expected to Expand to 5 Million Units in 2022

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China NEV New Energy Vehicles market factory shipment volume BEV PHEV FCEV demand subsidy policy sales vehicle type forecast projection Industrial Development Plan Made in China 2025 REx Range extender regulation NEV Technology Roadmap CAFC promotion CATARC ESV Energy-saving vehicle CAAM bus truck semi-tractor segment large medium small heavy medium light mini GVW Gross vehicle weight SC Seating capacity extension tax exemption State Administration for Market Regulation and the Standardization Administration safety standards NEV credit ratios target achievement value fuel efficiency electricity costs cruising range government deregulation coronavirus Covid-19 MHEV

The factory shipment volume of new energy vehicles (NEV = BEV + PHEV + FCEV) in China is expected to exceed 3.4 million units in 2021, about 2.5 times the previous year's level. The extension of the NEV subsidy policy from 2020, when it was scheduled to end, to 2022, and policy support such as raising NEV credit achievement requirements is seen boost NEV sales. China’s NEV market in 2022 is expected to reach around 5 million units, a 1.5-fold increase compared to 2021. The sharp rise is believed to take place due to the ending of China’s NEV subsidy policy in 2022, generating rush demand.