Traffic jams on the main roads of Shanghai, China, on Oct. 9, 2020.
Costfoto | Barcroft Media | Getty Images
BEIJING — New energy vehicles will dominate the world’s largest auto market in about ten years, two executives from major Chinese electric car companies predicted over the weekend.
New energy vehicles refer to battery-powered and hybrid cars. The category accounted for more than 10% of new car sales in China in March, and grew to 11.4% in May, said Wang Chuanfu, founder of BYD.
He forecast that the penetration rate would surge to more than 70% in 2030. That’s according to a transcript the company provided of his remarks at the China Auto Chongqing Summit held June 12 and 13.