Home » China’s New Energy Vehicle Industry Achieving High-Quality Development with Rising Exports and Booming Production and Sales

China’s New Energy Vehicle Industry Achieving High-Quality Development with Rising Exports and Booming Production and Sales

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Exports are rising, production and sales are booming – my country’s new energy automobile industry is entering a new stage of high-quality development. According to data from the China Association of Automobile Manufacturers, the production and sales of new energy vehicles in my country achieved steady year-on-year growth in the first half of the year. The upgrading of the industrial structure is accelerating, car companies are “going overseas” at a faster pace, and the potential of electrified consumption is gradually being released, indicating that my country’s new energy automobile industry is entering a new stage of large-scale and globalization.

During the first half of the year, the production and sales data of new energy vehicles in my country experienced fluctuations, with some car companies cutting prices to promote sales. However, new measures were introduced to boost consumption, leading to repeated achievements in exports. From January to June this year, the production and sales of new energy vehicles in my country increased by 42.4% and 44.1% respectively compared to the same period last year, reaching 3.788 million and 3.747 million units. In addition, the export of new energy vehicles witnessed a significant increase of 160%, with my country exporting 534,000 units in the first half of the year.

Zhu Yifang, director of the Industrial Policy Research Department of the China Automotive Strategy and Policy Research Center, stated that my country’s new energy vehicle industry has gradually gained scale and quality advantages in recent years. The cost performance of exported models is generally better than that of local models of the same level. For example, BYD brand vehicles have been exported to more than 70 countries and regions worldwide. In the first half of this year alone, BYD exported over 74,000 vehicles.

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Xu Haidong, deputy chief engineer of the China Association of Automobile Manufacturers, mentioned that new energy vehicles, automobile exports, and Chinese brands were the highlights of the auto market in the first half of the year. The market share of new energy vehicles has reached 28.3%, and both production and sales have grown steadily.

To stimulate consumption potential, various policies have been implemented to strengthen the construction and operation of charging infrastructure in rural areas and support the purchase and use of new energy vehicles. The China Electric Vehicle Charging Infrastructure Promotion Alliance reported a year-on-year increase of 18.6% in the addition of charging infrastructure in the first half of the year, with 1.442 million units added. As a result, the consumption potential is expected to be further released, encouraging more individuals to purchase new energy vehicles.

However, challenges and shortcomings still exist in the development of the industry. Fu Bingfeng, executive vice president and secretary-general of the China Association of Automobile Manufacturers, highlighted the deficiencies in the development of industrial chains such as chips, basic software, and key materials. Additionally, the innovation capability of key core technologies needs improvement, and overcapacity and unbalanced development issues have arisen.

Industry experts suggest that technological innovation is crucial for promoting the high-quality development of independent brands. Investments in independent research and development, such as GAC’s accumulated investment of nearly 40 billion yuan and the establishment of an international R&D team of over 6,000 people, are essential. Developing advanced technologies like new batteries, chips, operating systems, and sensors and strengthening policy guidance and support are also recommended.

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Overall, my country’s new energy automobile industry is thriving, with increasing exports, steady growth in production and sales, and efforts to stimulate consumption potential. With advancements in technological innovation and the addressing of challenges and shortcomings, the industry is poised to enter a new stage of high-quality development toward large-scale and globalization.

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