China's NEVs sales account for over 64% of global total

In the first three quarters of 2023, global sales of new energy vehicles (NEVs) reached 9.75 million units, with China contributing 6.28 million units, or more than 64 percent, according to data released at the 2023 World New Energy Vehicle Congress.

The congress is being held in Haikou, the capital of south China's island province of Hainan, from December 7 to 9.

The sales of NEVs in China constitute 29.8 percent of the country's total new car sales. As of the end of the third quarter of 2023, the cumulative global sales of NEVs are approximately 37.7 million units, with China accounting for about 60 percent.

"China has nurtured the world's largest consumer market for NEVs, established an efficient and collaborative industrial system, and injected powerful momentum into the global transformation of the auto industry," said Xin Guobin, vice minister of industry and information technology.

Regarding the potential of China's auto industry, Li Jun, an academician of the Chinese Academy of Engineering, believes there is still a growth space of about 200 million vehicles in China's auto market.

Li estimated that by around 2055, China's auto market will reach saturation with more than 500 million units.