China, on Monday, unveiled a
development plan for its new energy vehicle (NEV) industry from
2021-2035 that aims to accelerate the country into an automotive
powerhouse.
The plan, released by the State
Council, China's cabinet, listed five strategic tasks: to improve
technology innovation capacity, build new-type industry ecosystems,
advance industrial integration and development, perfect the
infrastructure system, and deepen opening-up and cooperation.
The specific targets include
bringing the average power consumption of new, purely electric passenger
cars down to 12 kWh/100 km and raising the proportion of new NEVs in the
sales of new vehicles to 20 percent by 2025.
By 2035, purely electric
automobiles are likely to become the mainstream in the sales of new
ones, while those used in public transportation will be exclusively
electrified, according to the plan.
Boasting the world's most
sizable inventory of NEVs, China accounts for 55 percent of global NEV
sales.
Stocks rose on Monday in
response to strong October deliveries reported by China's major electric
vehicle makers Xpeng, NIO and Li Auto.
NIO delivered 5,055 vehicles in
October, up 100.1 percent year on year, outperforming its two rivals.
Li Auto said that it delivered
3,692 of its Li ONE SUVs last month, up from 3,504 in September, while
Xpeng delivered 3,040 vehicles in October, skyrocketing 229 percent from
a year ago.
Following the strong sales
reports and NEV development plan released by the government, the shares
of all three companies traded up on Monday, by 10.9 percent, 10.3
percent and 13.2 percent, respectively.
Source: Xinhua |