China’s EV sales are expected to exceed 5% in 2025, Xpang CEO says Reuters

টার Reuters file photo: People look at Xpen’s P7 sedan model at the Guangzhou Auto Show in Guangzhou, Guangdong Province, China, November 22, 2019. Reuters / Yelly Sun / File photo

BEIJING (Reuters) – Hey Xiaopeng, chief executive of electric car maker Xpeng (NYSE 🙂 Inc., told Reuters Events Automotive that new fuel vehicles (NEVs) are expected to account for more than 35% of new vehicle sales in China by 2025. Summit.

China, the world’s largest auto market, is promoting NEV, which includes battery electric, plug-in hybrid and hydrogen fuel cell vehicles, to tackle pollution and support the country’s car technology.

The China Association of Automobile Manufacturers (CAAM) said earlier this month that NEV sales in China are expected to reach 1 million units this year, up from 1.4 million last year.

“Overall NEV sales this year are slightly higher than our expectations,” he said, adding that he was surprised by the growing sales of hybrid vehicles and micro electric vehicles.

“Considering current sales performance, I’m actually more confident about increasing the industry’s NEV penetration rate in 2025,” he said.

According to CAAM, NEV sales accounted for 11.6% of China’s overall market in the first nine months of this year.

Asked about the chip supply shortages that have affected the global auto industry, he said chip supplies will remain a challenge for the next 12 months, but the situation will “gradually improve.”

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