decline from 85 million in 2018 to 42 million in 2040. In th

he next five to seven years, China’s policy support for new energy vehicles will drive g

lobal growth,” said Kou Nannan, head of research at Bloomberg New Energy Finance.

As early as in 2012, the State Council introduced a pipeline to guide the development of the natio

n’s EVs, with a goal of producing 2 million units and selling 5 million EVs by 2020. Later on, cent

ral and local governments carried out a series of subsidy policies in the NEV industry, such as purchase tax exemption an

d purchase subsidies, to offer greater support to the industrialization of China’s NEV industry.

According to the agency, China will specifically lead in the e-bus market. It is estimated that by

2025, China’s e-bus fleet share will reach 50 percent, and by 2040, the ratio will rise to roughly 80 percent.

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