On December 3, China’s Ministry of Industry and Information Technology (MIIT) issued its New Energy Automobile Industry Development Plan for 2021-2035, stating that China’s new energy vehicle sales will account for up to 25 percent of the new car sales by the end of 2025.
Market analysts have indicated that China’s new energy vehicle sales will amount to 7.5 million units if based on the estimated volume of 30 million units of new car sales by the end of 2025. They stated that, though the development of the new energy vehicles market is not as good as market players expected for 2019, the potential demand for new energy vehicles is still huge.