Automotive Sep 20, 2020 12:16 PM (GMT+8) · EqualOcean
Wang Binggang, leader of the national new energy vehicle innovation project expert group, said that, as the country looks to lead the world in the push away from internal-combustion engines, the NEV target for 2035 will be 50%-60%. After growing rapidly for several years, electric cars lost momentum in China in mid-2019 as the government moved to limit subsidies. Demand has picked up again in recent months despite the coronavirus pandemic and investors are showing an increased interest in EV companies. Tesla and Nio Inc. shares have surged this year, and Chinese contenders Li Auto Inc. and XPeng Inc. have had successful stock market debuts. China will stick to its goal of electrifying the industry, yet there is a rising emphasis on gasoline-electric hybrids, Wang said. Such cars are an effective way to ensure all vehicles will be at least partially powered by electricity, he said.

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