China is three years ahead of its BEV targets
- In November 2020, the Development Plan for New Energy Vehicles Industry (2021-2035) was published by the General Office of the State Council of the People's Republic of China. In this New Energy Vehicle Industry Development Plan (2021-2035), the following targets were set for 2025 and 2035.
- By 2025, China's BEV+PHEV market should become much more competitive, with major breakthroughs in key technologies such as traction batteries, engine and vehicle operating systems, and an overall improvement in safety standards. Average electricity consumption of new all-electric passenger cars needs to be reduced to 12 kWh/100 km (down from 15 kWh/100 km in 2020). BEV+PHEV sales should reach 20% of total new car sales (vs. 5% in 2020) and battery charging as well as replacement services should become more convenient.
- By 2035, the basic technology for BEV+PHEV in China should reach the international advanced level and the brand quality should have high international competitiveness. BEVs will account for the majority of new vehicles sold, public sector vehicles will be fully electrified, fuel cell vehicles will be widely marketed, and the network of charging and battery replacement services must be practical and efficient.
- Comment from Inovev: By 2022, BEVs alone already account for 20% of new passenger car sales, and BEV+PHEVs account for 26%. So China is three years ahead of its plan.
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