Shanghai’s NEV output to exceed 1.2 million units by 2025

Friday, 26 February 2021 12:04:49 (GMT+3)   |   Shanghai
       

Shanghai municipal government issued an Implementation Plan to Accelerate the Development of New Energy Vehicles (2021-2025) on February 25, stating that the annual NEV output in Shanghai will exceed 1.2 million units by 2025, with the output value of NEVs expected to exceed RMB 350 billion and account for 35 percent of the overall output value of Shanghai’s auto industry.

As previously reported by SteelOrbis, Shanghai will no longer issue special licenses for the plug-in hybrid NEV as of January 1, 2023. In 2020, Shanghai’s newly-added NEV sales amounted to 121,000 units, up 92 percent year on year. At the same time, the sales of pure electrical vehicles accounted for 63 percent of overall NEV sales in 2020, rising from 29 percent recorded in 2018, while market analysts think that this trend will continue. The Shanghai government issued a policy document in October 2020 stating that cars with other cities’ licenses will not be allowed to be on the inner ring of Shanghai city as of May 1, 2021. This stimulated NEV sales to some extent.


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