BEIJING: New energy vehicle makers (NEV) in China will see tougher competition in 2024 although the sector is expected to continue its momentum, experts warn. The China Passenger Car Association (CPCA) expects NEVs, which include fully electric vehicles (EVs) and plug-in hybrids, to account for 40% of new vehicle sales this year. It forecast that total sales this year will reach 11 million units, around 2.3 million more than in 2023, which saw fierce competition but ended well for many companies. Cui Dongshu, secretary-general of the CPCA, said the competition will be just as fierce this year because many are not making a profit despite sales growth. He was echoed by Zhang Yongwei, secretary-general of China EV100, an industry think…
Published Date: 2024-01-09
Source: The Star
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