GUANGZHOU, China, April 5, 2022 /PRNewswire/ — The 131st Canton Fair is around the corner. According to China Foreign Trade Centre (CFTC), the New Product Launch at Canton Fair will be unveiled this session. New products, technologies, brands, services will be selected and showcased in the event. As the electric era heats up, much of the attention goes to New Energy Vehicle (NEV) innovations.
Though frustrated by COVID-19 and plummeting subsidies, the NEV market in China has shown strong momentum as both production and selling surpassed 3.5 million in 2021, topping the world for 7 consecutive years. The penetration rate of NEV sales in China is also increasing, which will reach 22% in 2022, predicted by China Passenger Cars Association (CPCA).
Overseas buyers have expressed their amazement that China’s auto industry has become as good as some centuries-old established markets in just a few decades. The core components of NEV, such as power batteries, drive motors, and electronic control systems, are all emerging products. The concerted efforts of the Chinese government and companies have given themselves a pole position on NEV market competition.
The rapid growth of China’s NEV industry is clear in the scale and focus of the displays. At the 130th Canton Fair, nearly 20 NEV exhibitors brought 186 products, including cars, trucks, sightseeing vehicles, buses, vans, and accessories & components of NEVs. The exhibition section was under the spotlight with new technologies capturing much attention. Premier Li Keqiang inspected the exhibition halls and remarked that China is the largest market for traditional vehicles and NEVs. He encouraged companies to seize opportunities, rise to market competition, follow business rules, and invest more in R&D, thus leading an innovative and sustainable NEV industry.
For consumers, NEVs bring a new mode of transportation. China is a leader in NEVs with advantages in battery charging/switching stations, 5G communications, and mega markets. These merits will facilitate national NEV industrial advancement. According to Alan Liu, Deputy Director General of Foreign Affairs Office of Canton Fair, As “Belt and Road Initiative (BRI) countries are investing in infrastructure, and the Regional Comprehensive Economic Partnership (RCEP) is boosting export volumes, it’s a perfect time to overtake the competitors. At the 131st Canton Fair, we will encourage NEV exhibitors to self-innovate and deliver a more enjoyable, convenient, and smart driving experience to customers at home and abroad.