China was No. 1 globally in both production and sales volumes of new energy vehicles from 2015 to 2017, according to China Association of Automobile Manufacturers (CAAM).
In 2017, 794,000 new energy vehicles were produced and 777,000 units were sold in China.
During January-May 2018, China recorded sales of 328,000 new energy vehicles hiking 141.6% on year, CAAM said. Of the sales volume, 250,000 units were electric vehicles, rising 124.7% on year. CAAM forecasts demand for new energy vehicles in China to reach one million units in 2018 and two million in 2020.
To boost new energy vehicle development, China has removed limits to stake ratios for foreign investment in businesses regarding new energy vehicles, increased subsidies for models with higher running endurance, and canceled subsidies for tjhose with running endurance below a certain standard.