By Li Panpan

(JW Insights) Sep 6 -- China’s new energy vehicle production and sales exceeded 4.5 million units in the first seven months of 2023, a year-on-year increase of more than 40%. Of which, 636,000 were exported, a year-on-year increase of 1.5 times, said the Ministry of Industry and Information Technology at a press conference on September 5.

China has established a complete and coordinated new energy vehicle industry system, which is also essential to promote the electrification transformation of the global automotive industry, said Wang Weiming, a department director of the Ministry of Industry and Information Technology, at the press conference.

With the sluggish global economic recovery and domestic industrial economy under tremendous pressure to maintain stable growth, it’s of great significance to further accelerate the application of new energy vehicles to expand consumption and promote continued economic recovery in China, added Wang.

It is proposed that by 2023, China will achieve annual car sales of about 27 million, up by 3% yearly. Among them, 9 million will be new energy vehicles, a year-on-year increase of about 30%, said a document released by MIIT and other ministries on August 25.