Etiqueta: NEV

To boost vehicle trade-ins, China’s financial regulators on Wednesday jointly announced the removal of a regulatory cap on loans for people who buy either internal-combustion engine cars or new-energy vehicles (NEVs) for their own use, giving financial institutions full discretionary power to determine the loan amounts.

The domestic vehicle market was estimated to have expanded by just 6% to 25.18m units last year

Li Auto's management believes China's NEV penetration will reach 90 percent by 2028, when it will need to sell at least 3 million vehicles annually if it is to become one of the top five players, according to local media.

China's new-energy vehicle (NEV) sector, securing the world's top ranking in production and sales for an eighth consecutive year in 2022, has gone through a period of rapid development and is now entering its explosive growth.