China will quadruple energy vehicle annual output to 2 million by 2020
China will quadruple its new energy vehicle annual output to two million by 2020, a cabinet minister has said.
Citing a government plan, Industry and Information Technology Minister Miao Wei said at a Beijing forum over the weekend that by 2025, at least one in every five cars sold in China will be a new energy model.
In 2016, China produced 517,000 new energy vehicles.
The country has been the world's top seller of such environment-friendly cars since 2015. The cumulative sale has exceeded one million, the ministry said.
China will quadruple its new energy vehicle annual output to two million by 2020, Miao said.
New energy vehicles include battery electric cars, plug-in hybrids and fuel-cell cars.
ALSO READ: China takes global lead in clean energy
In 2016, top Chinese electric carmakers BYD, Geely, and BAIC sold their models in more than 30 countries and regions around the world.
Miao said the government will continue to improve policies, boost research and development, invest in charging infrastructure construction, and promote international cooperation to help the sector grow, state-run Xinhua news agency reported on Monday.
In terms of charging infrastructure, China built over 100,000 public charging poles in 2016, ten times the figure in 2015.
A comprehensive charging grid has taken shape in big cities like Beijing, Shanghai, and Shenzhen.
China witnessed a boom of electric vehicle investment in the past few years largely thanks to government's incentives.
Instead of maintaining a universal incentive system, Miao said, subsidies will vary and favour best performing carmakers before this financial assistance programme ends in 2020.
By then, a point-based system will be set up to guide the production of new energy vehicles, he said.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.