China Automotive Industry: Auxiliary industries see growth potential in NEV market

2024-01-17

China's power battery technology patents account for 74 percent of the world's total, putting the country in a leading position in the New Energy Vehicle market. According to the Chinese Association of Automobile Manufacturers, the country's production and sales both exceeded 30 million vehicles last year, a record high. CGTN's Omar Khan spoke with one battery producer in Guangzhou, on how they view the irreversible trend of cars going green. 

Established nearly three years ago, Greater Bay Technology develops ultra-fast charging energy systems and batteries.

The young company has already become a trailblazer in the NEV battery industry, setting a world record for the fastest EV charging technology.

OMAR KHAN Guangzhou, Guangdong Province "So, in just five minutes the battery at the bottom of this vehicle can be charged to have a range of over 200 kilometers for suburban use. The future of driving on our roads is becoming both greener and smarter."

The rush to make breakthroughs is backed by market trends and the reality of electric-powered vehicles dominating our roads in the years to come.

GBT is staying ahead of the curve, as they know this opportunity is one that can't be missed. 

PEI FENG CEO, Greater Bay Technology "The convenience of charging is currently the biggest pain point for consumers. The development of new energy vehicles is indeed very rapid, and it's really fast in China. The penetration rate of new energy vehicles in China reached 31.6% in 2023, which was very high. This means that new energy vehicles will comprehensively replace fuel vehicles, which is the trend." 

So how has China come so far? 

The country's NEV development dates back some 20 years, with policies starting to come in around 2009 and with a global presence already being felt by 2016.

GBT sees China's growth and development in the industry as the right pieces coming together. 

PEI FENG CEO, Greater Bay Technology "Throughout this entire process, research, production, supply, and marketing, including building up this ecosystem alongside supporting policies – it is all a systemic project. All players have formed a joint force in all aspects, and that's why the NEV industry chain in China has become globally competitive." 

Synergy across the board has undoubtedly helped fuel China's green vehicle prowess, but that's not to say competition from international producers does not exist.

Yet for the time being, it appears that China's NEV producers and complementary industries, are all geared up and ready to pave way for a greener, smarter, and more efficient future.

Omar Khan, CGTN, Guangzhou.

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