New energy vehicles to see renewed sales impetus in China

Sales of new energy vehicles are expected to see renewed momentum in China, with passenger electric vehicles accounting for 57 percent of NEV sales by 2040 and electric buses for 81 percent of sales of city buses, a new report said.

The report, issued by Bloomberg New Energy Finance, said that due to government support and surging demand, by 2025, China will account for 48 percent of the global EV market with sales of roughly 4.8 million units. Subsequently, China's market share is estimated to drop to 26 percent by 2040 or 14.6 million EVs. However, it will still be the largest market in the world.

Data from United States-based industry research website EV Sales showed that in the first quarter of this year, global EV sales surpassed 500,000 units, up 58 percent year-on-year, and China accounted for almost half of the sales.