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KEY STAT | New energy vehicles account for less than 2% of China’s car fleet in 2020

Written by Julianna Wu Published on     1 min read

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China’s EV companies have been posting record-breaking sales in the latter half of 2020.

4.92 million new energy vehicles, mainly electric ones, are registered in the country’s public security system by the end of 2020, which is roughly 1.75% of the total number of automobiles registered, 36Kr reported.

The 2020 data marks an increase of 1.11 million, or 29.2%, from 2019.

Previously in December, the Chinese government announced that it aims to lift the percentage of new energy vehicles as part of the total car sales to 20% in 2025.

The amount of registered vehicles doesn’t necessarily equal to the sales number, but it still reveals the large gap between the current state and target in the country’s five-year plan.

Together with their high-flying stock prices, China’s EV startups Li Auto (NASDAQ: LI), Nio (NYSE: NIO), Xpeng Motors (NYSE: XPEV), and WM Motor have all reported continuous record-breaking sales in the latter half of 2020.

Read this: KEY STAT | Xpeng deliveries up 342% in November as China’s EV industry gains steam

This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.

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