BOAO, Hainan — China is working on a new energy vehicle (NEV) industry development plan (2021-2035), according to Xin Guobin, vice-minister of industry and information technology.
The Ministry of Industry and Information Technology is leading the compilation of a 15-year plan in a bid to clarify the country’s development path for the industry, Xin told a NEV conference that closed in Boao of southern island province of Hainan on July 3.
The plan will support multiple technologies, give better play to the market mechanism to boost innovation, and optimize industrial layout and improve infrastructures, Xin said.
Xin added that the dual-credit policy for 2021-2023 would be published to solicit public opinion in the near future.
The dual-credit scheme, designed to support the NEV industry, rewards or penalizes automakers with positive or negative credits on their car models’ fuel consumption. Traditional vehicle makers may need to buy some credits from NEV manufacturers or improve fuel efficiency and develop their own NEV business to avert punishment.
China saw booming NEV sales despite a sluggish automobile market.
China’s NEV production and sales reached 480,000 units and 464,000 units in the January-May period, up 46 percent and 41.5 percent year-on-year, respectively, according to Xin.
China had 340 million motor vehicles by the end of June this year, while the number of NEV had reached 3.44 million, according to figures released by the Ministry of Public Security on July 3.