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Industry

China sees thriving NEV market in 2021: report

December 27, 2021


Abstract : China saw rapid development of its new energy vehicle (NEV) market in 2021, data from a recent report showed.

Staff members work on the production line of new energy vehicle at an automobile company in Liuzhou, south China's Guangxi Zhuang Autonomous Region, Aug. 12, 2021. (Photo by Li Hanchi/Xinhua)

BEIJING, Dec. 25 (Xinhua) -- China saw rapid development of its new energy vehicle (NEV) market in 2021, data from a recent report showed.

The total amount of financing in NEV-related sectors has exceeded 80 billion yuan (about 12.6 billion U.S. dollars) this year, and the number of newly-established NEV-related firms was 2.4 times that in 2020, according to the report released by database query platform Tianyancha.com.

Battery-changing services are becoming a new growth point in the NEV market, with 39,000 new related companies this year, the report said.

The hydrogen fuel cell sector saw a rapid expansion as well, with its total amount of financing surging 80 percent year on year to about 1.8 billion yuan, according to the report.

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Keyword: NEV

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