Green car sales almost double in China

In the first eight months of this year, 1.7 million new energy vehicles (NEV) were sold in China, Report informs with reference to iXBT.

This is almost three times more than a year ago.

NEV producing companies - Nio, BYD and Tesla - are expanding their manufacturing capacity in China, in part because Beijing is driving demand for green cars.

From January to August 2020, sales of such vehicles amounted to 600,000 units.

The NEV category includes battery electric vehicles (EV/BEV), plug-in hybrid vehicles (PHEV), and hydrogen fuel cell vehicles (FCV/FCEV).

EV sales by Chinese automakers Li Auto and Xpeng Inc more than tripled in July from last year, while Nio Inc doubled EV sales.

China’s aggressive switching to electric vehicles might cut global oil demand growth by 70 percent by 2030 and accelerate the end of the oil era, according to research from think tank Carbon Tracker.