(MENAFN- GlobeNewsWire - Nasdaq) BEIJING, Jan. 28, 2025 (GLOBE NEWSWIRE) -- On May 24, 2014, Chinese President Xi Jinping visited SAIC Motor and emphasized that the development of new energy vehicles (NEVs) was essential for China to transition from being a major auto producer to an auto powerhouse. This forward-looking statement charted a course for China's NEV industry, building confidence and determination to prioritize independent innovation.
Over the past decade, China has emerged as a global leader in NEV production and sales. Annual output and sales soared from fewer than 20,000 units in 2014 to over 12 million units in 2024, accounting for more than 60% of the global market. Meanwhile, NEVs' domestic market share grew from less than 0.1% to more than 40%, showcasing China's rapid progress in building a highly competitive industry.
The success of China's NEV industry is rooted in a dual commitment to market-driven growth and government support. Strategic planning has guided the sector's expansion, while competitive market forces have driven innovation and industrial growth. Underpinning these efforts is the Chinese government's adherence to Xi Jinping's economic philosophy, which emphasizes the development of a green, low-carbon economy and the promotion of high-quality manufacturing.
China has embraced NEVs as a cornerstone of its push to develop a sustainable economy. By leveraging its vast domestic market and implementing targeted policies, such as pilot programs for full electrification in public transportation in cities like Beijing, Shenzhen, and Chongqing, the country has transformed the NEV industry into a key driver of economic growth.
At the heart of China's NEV strategy is innovation. The country has cultivated an ecosystem where state-owned enterprises, private companies, and foreign automakers collaborate and compete, creating a vibrant environment for technological advancement. Leading Chinese NEV manufacturers now offer products with cutting-edge technology, diverse models, and competitive pricing, earning them a strong foothold in global markets.
On a global scale, China remains committed to green and low-carbon development, contributing to the global fight against climate change. By advancing NEV technologies and offering cost-effective products, China has provided consumers worldwide with new choices while promoting sustainable development. Its efforts have positioned the NEV industry as a vital tool for reducing global greenhouse gas emissions.
China's transformation into an NEV powerhouse offers valuable lessons for other nations seeking to develop high-tech, sustainable industries. Looking ahead, China aims to deepen its integration of informatization and industrialization, accelerate the growth of advanced manufacturing, and foster a balanced industrial ecosystem that combines the strengths of both public and private sectors.
Through domestic innovation and global cooperation, China is shaping a new global industrial landscape that emphasizes common development and mutual benefits. As the NEV industry continues to grow, it will remain a symbol of China's progress toward becoming an economic and technological leader on the global stage.
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