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NEV industry on fast lane for growth

China's new energy vehicle industry has seen rapid growth in the past few years, with growing sales and an improved industry ecosystem, according to an industry association. Production and sales of NEVs have surpassed 1 million units so far, with an annual growth rate of over 200 percent, said Dong Yang, vice-director of China Association of Automobile Manufacturers. With more than 50 percent of the world's NEV production, sales and ownership in 2016, China is now a global leader in NEV development. Domestic battery makers, motor producers and other enterprises in the supply chain have become key suppliers in the world market, with more than 70 percent of the global shipments of NEV batteries coming from China, Dong said.