MIIT releases NEV development draft proposal for 2021-2035

摘要

Singapore—China’s Ministry of Industry and Information Technology has released a new draft proposal outlining the industrial development for new energy vehicle, or NEV, over 2021-2035 in an effort to promote a high quality of development. However, this did little to cheer the gloomy sentiment prevailing among battery metals market players. Sales of NEV was expected to make up 25% of total new car sales by 2025 according to the proposal, which was about 5% higher than the previous draft distributed on the internet in mid-October. The target was equivalent to about 7 million units given that total sales in 2018 were 28.1 million units, S&P Global Platts calculations showed.