China is looking forward to have sold 1.7 million new energy vehicles (NEVs) for the first eight months of the year. This value represents almost a three times fold considering the country only sold 600,000 NEVs for the same period last year.
This was announced by China’s vice minister of Industry and Information Technology, Xin Guobin, during an industry conference hosted by China Automotive Technology and Research Center (CATARC) in Tianjin.
New Energy Vehicles include battery electric, plug-in hybrid and hydrogen fuel-cell batteries. Some of the NEVs manufacturers in the country include Tesla Inc. (TLSA), BYD Auto Co. (SHE: 002594) and Nio Inc. (NIO).
These NEV makers are expanding their operations in China which is the world’s largest automaker market on top of that the Chinese government has also been encouraging greener vehicles in efforts to curb pollution.
The vice minister further added that they are expecting that total auto sales for the first eight months of the year to hit over 16 million vehicles in the country.