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China new energy vehicle sales to grow over 40%/yr in next 5 yrs -industry body

Reuters2021-06-18

SHANGHAI, June 18 (Reuters) - China's new energy vehicle (NEV) sales are expected to grow more than 40% each year in the next five years, a senior official at the China Association of Automobile Manufacturers (CAAM) said on Friday.

Fu Bingfeng, executive vice chairman of CAAM, made the remarks at a conference held by the industry body in Shanghai.

Fu's presentation showed that CAAM forecasts sales of NEVs, including battery electric, plug-in hybrid and hydrogen fuel cell vehicles, to hit 1.9 million units this year and 2.7 million vehicles in 2022.

NEV makers, such as Tesla Inc, Nio Inc, Xpeng Inc and BYD, are expanding manufacturing capacity in China, encouraged by the government's promotion of greener vehicles to cut pollution.

China could extend tax exemptions on NEV purchases beyond 2022 to support development of the sector, Wan Gang, a high-ranking government industrial policy adviser who is often referred to in state media as China's "father of EV", said at the same CAAM conference.

Shares in China's NEV-related companies climbed after the forecast.

Top battery maker CATL(300750.SZ) gained 3.7%. Hunan Zhongke Electric Co Ltd(300035.SZ), Ningbo Rongbay New Energy Technology Co Ltd(688005.SS), Guangzhou Tinci Materials Technology Co Ltd(002709.SZ)and BYD climbed between 2.9% and 10%.

Reporting by Yilei Sun and Tony Munroe; Editing by Muralikumar Anantharaman

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评论57

  • Surphilax
    ·2021-06-21
    Hold or sell
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  • ychong87
    ·2021-06-21
    Bullish
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  • Mm101
    ·2021-06-21
    Buy
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    • Mm101
      Buy
      2021-06-21
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    • Mm101
      Uy1
      2021-06-21
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    • Mm101
      Buy2
      2021-06-21
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    查看更多 2 条评论
  • Bustylibra
    ·2021-06-20
    And Xpev will get to benefit more on the  tax incentives along with it 
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  • lwkjason
    ·2021-06-20
    EV is picking up all around the world, even a small country like Singapore in trying to increase the adoption of EV over regular petrol/dieselcars.
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  • ychong87
    ·2021-06-19
    Gogo
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    收起
  • vinnography
    ·2021-06-19
    GO GO GO NIO
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  • QuantumPanda
    ·2021-06-19
    To the moon!!!
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    • JohnL
      Yes
      2021-06-19
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  • thelazycat
    ·2021-06-19
    Great insight!
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  • MRRICH
    ·2021-06-19
    Like and comment !
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  • Pekpek
    ·2021-06-19
    Nice
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  • 298f8339
    ·2021-06-19
    Hi
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  • Teckbee
    ·2021-06-18
    Up up up !
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  • Angelinvest
    ·2021-06-18
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  • CMK30
    ·2021-06-18
    NIO 🙌
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  • Takiho
    ·2021-06-18
    Looks like more upside trend 
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    • Takiho
      Thanks you for the like
      2021-06-21
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  • Hotpillows
    ·2021-06-18
    How is xpeng compared to Nio or Li? 
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    • MRRICH
      If u look at li fInancials it looks so much better than xpeng and nio
      2021-06-19
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  • zactan
    ·2021-06-18
    Ok
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  • cripsy65
    ·2021-06-18
    Nice
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  • Zachpunzel
    ·2021-06-18
    Li is better than nio
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    • Zachpunzel
      Agreed
      2021-06-18
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    • MRRICH
      Agree. if u look at the financials of li it is doing so much better than the rest of china ev cars. but nio has ambitious expansion plans even to norway .
      2021-06-19
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