China’s new energy vehicle parc reaches 5.8 million units as of May 2021

Shanghai (Gasgoo)- China's new energy vehicle (NEV) population amounted to roughly 5.8 million units by the end of May 2021, contributing to around 50% of the world's total NEV volume, according to the China Association of Automobile Manufacturers (CAAM).

Hongguang MINIEV; photo credit: SGMW

For the first five months of 2021, China's NEV outputs and sales reached 967,000 units and 950,000 units, surging 224% and 224.2% year on year respectively, according to the CAAM.

The robust production and sales growth also came with improved supporting infrastructures. As of April 2021, China has already deployed around 65,000 EV charging stations, 644 battery swapping stations, 1.87 million charging piles to cover 176 cities and over 50,000-km highway fast charging network.

Hit by the impact of the coronavirus pandemic, Chinese auto market still delivered a generally stable performance. China posted less than 2% year-on-year decrease in both auto outputs and sales last year, and accounted for up to 32.5% of global auto outputs, the highest level even achieved by the country, Fu Bingfeng, executive vice president and secretary general of the CAAM, said at the 2021 China Auto Forum.

Over the next 5 to 8 years, there will be multiple vehicle models under the China VI emission standards and below to be scrapped and replaced, offering substantial opportunities for the development of NEV market. Driven by the goals of carbon neutrality and carbon emission peak, Chinese government will further promote the marketization progress for NEVs. China's NEV outputs and sales are expected to grow at a rate higher than 40% for the next five years, and over 20% (ever higher) of new car sales to be from NEVs by 2025, said Mr. Fu.