Domestic new energy vehicle makers must put focus on independent R&D

THE MINISTRY OF FINANCE is reportedly mulling further policies to support the production of new energy vehicles, as the current subsidy system will expire in 2021. Beijing Youth Daily commented on Monday:

The promising prospects for new energy vehicles in the Chinese market have lured major automakers into exploring the development of such vehicles and relocating their research centers here. Thanks to the government's subsidies and policy support, sales of new energy vehicles in the country hit 68,000 last month, a 76.3 percent rise year-on-year, according to the China Association of Automobile Manufacturers.

The competition of foreign automakers could be both a boon and a challenge to Chinese manufacturers. Once a world factory featuring low-end car manufacturing, China is now taking a different approach and attaching greater importance to intellectual assets and high-end technology.