New energy vehicle energy storage investment

What are new energy vehicles (NEVs)?

Throughout this report, unless otherwise specified, regional groupings refer to those described in the Annex. In the Chinese context, the term New Energy Vehicles (NEVs) includes BEVs, PHEVs and FCEVs. Based on model trim eligibility from the US government website as of 31 March 2024.

Why should we invest in electric vehicles?

Both funding opportunities are key components of the Administration’s whole-of-government supply chain strategy to strengthen America’s energy independence to reduce our reliance on competing nations and support the President’s goal to have electric vehicles make up half of all vehicles sales in America by 2030.

What is the new electric vehicle industry plan?

The New Electric Vehicle Industry Plan lists new energy vehicles as one of China's strategic emerging industries and sets detailed plans and goals for the development of the NEV industry. (Wang et al., 2022a, Wang et al., 2022b, Wang et al., 2022c).

Why is the Chinese new energy vehicle industry important?

The Chinese new energy vehicle (NEV) industry has developed rapidly, which has become one of the largest NEV markets in the world. The Chinese government has played a pivotal role in supporting and promoting the NEV industry, leading to significant advancements in policies, technology, infrastructure, industrial chain, and market development.

Are NEVs a viable alternative to traditional fuel-powered vehicles?

As global concerns regarding environmental preservation and sustainable development continue to intensify, NEVs have emerged as a promising clean energy alternative to traditional fuel-powered vehicles (Elavarasan et al., 2021). Consequently, they have garnered significant attention from the international market.

What are the development prospects of China's new energy vehicle industry?

Overall, the competitive landscape of the Chinese NEV industry is very complex, with many different enterprises competing. It also indicates the enormous potential of the Chinese NEV market, with broad development prospects and market opportunities. In summary, the development prospects of China's new energy vehicle industry are broad in 2023.