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13th Five-Year Plan paints rosy picture of NEVs in the long term

Source: | Date: Nov. 4

  • The advice on the formulation of the 13th Five-Year Plan for China's economic and social development lays out the plan to promote new energy vehicles and boost the standard of the electric car sector. According to analysts, the inclusion of new energy vehicles into the 13th Five-Year Plan projects a promising outlook for the NEV sector.

  • By far, several government departments have rolled out more than 20 policies to form a system that supports the R&D, production, purchase, usage, and regulation on new energy vehicles.

  • Boosted by supportive policies and technological advancement, the Chinese new energy car industry has exploded this year. For the first nine months of this year, the production and sales of NEVs reached 144,284 units and 136,733 units, up 200% and 230%. Moreover, nearly 70% of the NEV-related companies posted staggering business growth.

  • Industry insiders said that the rapid growth of new energy vehicles this year is a result of policy support as well as the fact that last year's numbers have been relatively low.

  • An expert noted that the focus during the 13th Five-Year Plan period is on ensuring the sound operation of the NEV business when subsidies are reduced or withdrawn.

  • Speaking from a different perspective, another expert said that the focus of NEV development during this period will be on power battery & battery management, electric drive & electronics, intelligent EVs, fuel-cell systems, plug-in & extended-range hybrid system as well as pure electric power system.