A boom in New Energy Vehicle (NEV) vehicle sales is likely to occur in China in 2021. This is stated in the report of Citic Securities.
As the more popular NEV models are expected to go on sale in 2021, strong enthusiasm and desire from consumers could push the 54% year-on-year growth in vehicle sales in this category to 2.1 million units, the document notes. /p>
According to previously released figures, NEV sales rose 10.9% year-on-year to 1.37 million units in 2020 amid government efforts to stimulate their use and ease the pressure on the environment.
Last November, China presented a roadmap for its NEV industry for 2021-2035, which aims to accelerate the country's transformation into an automotive powerhouse.
NEV's share of new vehicle sales is expected to rise to 20% by 2025, and vehicles used in the public transport sector will be fully electric by 2035.
The Citic Securities report also predicts that passenger car sales in China will grow 15% year on year this year.