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China’s booming NEV market attracts global luxury carmakers

BusinessAutomotiveChina's booming NEV market attracts global luxury carmakers

Luxury carmakers from around the world flocked to the China International Consumer Products Expo, held in Haikou, the capital of China’s Hainan province, to showcase their latest new energy vehicle (NEV) models. Companies such as Volkswagen, Bentley, Porsche, Lamborghini, and Lotus all displayed their all-electric and plug-in hybrid cars. The NEV market in China has grown significantly over the past few years, with NEV sales almost doubling to 6.89 million units in 2020, accounting for over a quarter of the world’s largest auto market’s total automobile sales. This growth has led to more and more carmakers vying for a piece of the market.

Luxury automakers have been taking notice of the rise in demand for NEVs, with Porsche expecting over 50% of its new vehicle sales worldwide to be all-electric or plug-in hybrids by 2025, and more than 80% by 2030. Meanwhile, Bentley has seen an increasing number of its customers opting for hybrid cars due to the growing trend of green and low-carbon consumption. Maserati is also looking to capitalize on the growing NEV market in China, with plans to launch new fully electric models soon and electrify its entire range by 2030.

The Chinese government has also been pushing for a shift to NEVs, with Hainan province announcing plans to phase out the sales of traditional oil-fueled vehicles throughout the province by 2030. This move is seen as a revolutionary response to the trend toward electric vehicles and is likely to further accelerate the growth of the NEV market in China.

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