China Plans 70% Electric Vehicles by 2030

The Chinese government has unveiled a new five-year plan for the automotive industry, which aims for 70% of new passenger cars to be electric vehicles or hybrids by 2030. Beijing is also targeting that 40% of new truck and bus sales will be electric by the end of the decade. The previous 2021 plan set a goal of 20% of sales for eco-friendly vehicles by 2025, but this figure was exceeded to 54% last year. Experts expect the 70% target to be reached ahead of schedule amid rising gasoline prices, as the share of electric vehicles reached 65% in August. At the same time, the domestic market is facing challenges: sales have fallen by 21% over the past eight months, and a price war has negatively impacted profits and quality. To address the crisis, the government plans to deepen reforms and encourage company mergers. The five-year plan also includes the development of autonomous driving technologies and new standards for solid-state batteries, as well as the recycling of strategically important metals such as lithium, cobalt, and nickel. In August, domestic car sales dropped to 1.54 million units, while exports surged by 78% to 888,000 units.

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