China's new energy vehicle (NEV) market is likely to see a sales rebound ne...
GUANGZHOU, China/Shanghai - China’s new energy vehicle market is likely to see a sales rebound next year as automakers roll out more new products to lure buyers, but more supportive government policies are needed, auto executives said.
Prior to the subsidy cut, China’s market for NEVs - which include plug-in hybrids, battery-only electric vehicles and those powered by hydrogen fuel cells - had been a bright spot, with sales jumping 62% last year. Carmakers such as Volkswagen, Toyota’s Lexus, Daimler’s Mercedes Benz and Tesla came out in force at the Guangzhou Autoshow to showcase newly launched electric vehicles with fresh designs.
“In about two years time, from my perspectives, electric vehicles will be significantly cheaper than ICEs , as battery costs come down very rapidly and volumes will drag down cost.”
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