Overview of Chinese new energy vehicle industry and policy development

Abstract

The Chinese new energy vehicle (NEV) industry has developed rapidly, which has become one of the largest NEV markets in the world. The Chinese government has played a pivotal role in supporting and promoting the NEV industry, leading to significant advancements in policies, technology, infrastructure, industrial chain, and market development. This support has been evident through the implementation of numerous favorable policies, including increased support in finance, taxation, and technology innovation, as well as initiatives to promote research, development, and application of NEV products. Furthermore, subsidy policies have been introduced to incentivize consumers to purchase NEVs and enhance their competitiveness in the market. Additionally, regulations mandating a certain proportion of NEV production and sales for automakers have been put in place, contributing to the widespread advancement of the Chinese NEV industry. While the Chinese NEV industry has seen substantial growth, it also faces challenges and opportunities. To further its development, it is essential for vehicle manufacturers to prioritize technological innovation, the government to continue introducing supportive policies, users to increase environmental awareness, and for collaboration between academia and industry to drive research efforts. The development of the Chinese NEV industry is not only in line with the global trend of environmental protection, energy security, and industrial transformation, but also an important link in promoting the progress of the global NEV industry.