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Beijing Times Reports: Luxury Carmakers Eye China’s Booming NEV Market

Beijing Times Reports: Luxury Carmakers Eye China's Booming NEV Market

Global luxury carmakers are keen to take advantage of China’s rapidly growing NEV (New Energy Vehicle) market, which has become the world’s largest. According to Beijing Times, NEV sales in China reached almost 6.89 million units in 2020, accounting for over a quarter of the country’s total automobile sales. This growth has led to luxury carmakers such as Bentley, Porsche, and Lotus flocking to the China International Consumer Products Expo in Haikou, the capital of China’s Hainan province, to showcase their latest all-electric and plug-in hybrid models.

Porsche is one of the luxury carmakers that are keen to tap into China’s growing NEV market. The automaker expects over 50% of its new vehicle sales worldwide to be all-electric or plug-in hybrids by 2025, and more than 80% by 2030. In line with this, Porsche has already released the Taycan, its first-ever all-electric vehicle, and it has been a hit with Chinese consumers. In 2021, Porsche sold more Taycan vehicles in China than in any other country.

Similarly, Bentley has seen a growing number of customers opt for hybrid cars due to the trend toward green and low-carbon consumption. The automaker’s Bentayga Hybrid, which was launched in China in 2020, has been well-received by Chinese consumers. Meanwhile, Lotus, a British luxury carmaker, has revealed plans to launch its first all-electric hypercar, the Evija, in China. The company believes that there is a significant market for its high-performance electric vehicles in China.

Maserati, another luxury carmaker, is also looking to capitalize on the growing NEV market in China. The Italian automaker has announced plans to launch new fully electric models soon and electrify its entire range by 2030. The company expects that its electrification strategy will help it compete in China’s rapidly evolving auto market, where NEVs are becoming increasingly popular.

The Chinese government has also been pushing for a shift to NEVs, with Hainan province announcing plans to phase out the sales of traditional oil-fueled vehicles throughout the province by 2030. This move is seen as a revolutionary response to the trend toward electric vehicles and is likely to further accelerate the growth of the NEV market in China. The Chinese government has been providing incentives to boost the NEV market, including subsidies for NEV purchases, tax exemptions, and infrastructure development.

The rise of NEVs in China presents a significant opportunity for luxury carmakers, as it allows them to tap into a rapidly growing market while addressing concerns around environmental sustainability. Luxury automakers are increasingly focused on producing electric and hybrid cars that offer high performance, luxury, and sustainability, and China’s NEV market is an ideal platform to showcase their latest offerings. With the Chinese government actively promoting NEVs and phasing out traditional fossil-fuel vehicles, luxury carmakers are likely to increase their investment in the country’s auto market in the coming years.

For more, read on Beijing Times

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