Photo: Courtesy Of Jengtingchen via Wikimedia
Nio Inc’s (NIO) founder and CEO William Li believes electric vehicle sales in China could reach 90% by 2030, reports cnEVpost.
What Happened: Li believes electric vehicle adoption in China will grow rapidly over the next decade and expects new energy vehicle contribution to be about 20% by 2025, as per the report.
Li said 2021 will be an important year from a transformation perspective. He pointed out that sales of new energy vehicles in China crossed the 460,000 unit milestone in the first quarter and an annual target of more than 2 million vehicles seems achievable as well.
The China Passenger Car Association (CPCA) had earlier this month raised the annual wholesale new energy vehicle sales outlook to 2.4 million units from 2.2 million estimated previously, as per the report.
Why It Matters: According to Li, new energy vehicle penetration in China’s top-tier cities has crossed 22% in the first quarter and over 33% in Shanghai, the country’s biggest city and a global financial hub.
Nio is hoping to replicate Norway’s example, a country where it will soon make a debut, and further chart the expansion in Europe. As per Li, Norway’s pure electric vehicle penetration had reached 57% in the first quarter this year from 20% in 2019.
Price Action: Nio shares closed 1.90% higher at $46.55 on Monday.
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