There is a big chance that the penetration rate of new energy vehicles in China will reach 25% this year, achieving the preset target three years ahead of the schedule, said Miao Wei, former Minister of Industry and Information Technology, at an industry conference on Tuesday.
The penetration rate of NEVs refers to the proportion of such models in all vehicle sales. China had set the target of 25% NEV penetration before 2025 in its NEV industry development plan for the five-year period of 2021-2025.
From January to July, China sold 3.19 million NEVs, accounting for 22% of all vehicle sales of 14.48 million, according to the China Association of Automobile Manufacturers. In July the rate was 24.5%. For comparison, at the beginning of 2021, the penetration of NEVs in China was below 8%.
