NEV: New Energy Vehicles skyrocket in China

Production and sales of new energy vehicles (NEVs) in China skyrocketed in the first two months of the year despite raw material price hikes and the raging COVID-19 pandemic, said an industrial report.

From January to February, about 820,000 NEVs were produced, surging by 1.6 times year on year, according to the report made by the China Academy of Information and Communications Technology.

In the period, the sales of NEVs reached about 765,000, increasing by 1.5 times from the same period last year, the report said.

The report also noted that the NEV market penetration rate stood at 17.9 percent in the period.

China-made NEVs have also become more popular among overseas consumers with exports rising 381.7 percent year on year to about 105,000, according to the report. ■

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