The policy to incentivize electric vehicles has reached a remarkable milestone, with over 1 million units of subsidies approved as of May 22, 2025.
The latest reports indicate that the policies aimed at promoting electric vehicles have been effective in boosting the adoption of new energy vehicles (NEVs) in China. As of May 11, 2025, the total number of NEVs supported by subsidies has exceeded 1 million units.
By 2025, the policies are expected to provide 2 million yuan in subsidies specifically for electric vehicles, while those purchasing new energy vehicles will receive 1.5 million yuan in subsidies. Additional subsidies will be provided by local governments, such as in Beijing, Shanghai, and Guangdong, potentially increasing the total subsidy amount to 3 million yuan for certain new energy vehicles.
As of 2024, the cumulative number of electric vehicles receiving subsidies has surpassed 1 million units. In addition, the policy for vehicles using traditional fuel will be phased out in favor of newer energy sources, which is expected to drive further adoption of electric vehicles.
Statistics released by the Ministry of Commerce indicate that as of this year, the electric vehicle market has seen a significant increase, with new energy vehicles accounting for 60% of total vehicle sales in the first quarter. This represents a 35.7% growth compared to the previous year.
In the face of rising demand, various manufacturers are stepping up their efforts to enhance the electric vehicle market further. By 2024, it is projected that electric vehicle sales will reach 1.96 million units, representing a 6.52% increase from the previous year.
With the continued promotion of electric vehicles, the market for traditional gasoline vehicles is expected to see a decline. In the first quarter of 2024, electric vehicles will likely make up a larger share of the sales compared to gasoline vehicles.
Additionally, policies are being refined to streamline the process for consumers looking to purchase electric vehicles. The introduction of “one-stop” services allows customers to apply for subsidies more conveniently, thus promoting electric vehicle adoption.
As the electric vehicle market continues to grow, the focus on integrating advanced technology and AI is becoming increasingly prevalent, fostering innovation in the industry.
In summary, the policies supporting electric vehicles are not only promoting environmental sustainability but also reshaping the automotive market in China. The shift towards new energy vehicles is a clear indication of the changing landscape in the automotive industry.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/government-incentives-for-electric-vehicles-reach-1-million-applications/
