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Despite weak demand, companies introduce aggressive NEV plans

Source: China Business News | Date: Nov. 27

  • New energy cars were considered the biggest highlight at this year’s China (Guangzhou) International Automobile Exhibition. However, the reality is that they generally remain unpopular among consumers, most of whom still prefer conventional vehicles.

  • Despite consumers’ hesitance, domestic and foreign carmakers as well as internet companies have shown a strong interest in this sector, as evidenced by their aggressive NEV sales plans.

  • An expert says that the continuation of stimulus policies, the reduction in NEV costs as a result of the advancement of battery technologies as well as the acceleration of the development of infrastructures will quicken the adoption of electric sedans among general consumers.

  • Meanwhile, he points out three challenges facing new energy cars, namely heavy reliance on subsidies, deterioration of product quality, and fierce competition from foreign companies.