China's new energy vehicles surge in 2017

Added On January 14, 2018

Data from China's auto industry association showed China's new energy vehicle market recorded another year of rapid growth in 2017 as the government continued strong push for green transport.
Economy Report has more. 
China Association of Automobile Manufacturers (CAAM) said on Thursday that a total of 777,000 new energy vehicles were sold in the Chinese market last year, up 53.3 percent year on year.
Meanwhile, New energy vehicle output jumped 53.8 percent to 794,000 units last year.
The robust growth came on the back of China's intensifying efforts to encourage the use of new energy vehicles to ease pressure on the environment.
According to CAAM, China remained the world's largest auto market in 2017,with auto sales climbing 3 percent year-on-year to 28.88 million units.
The government expects new energy vehicle output and sales to hit 2 million annually by 2020, and overall auto output to reach around 30 million by 2020 and 35 million by 2025.
To push green transport, authorities announced last month that stricter emission limits would be gradually placed on new motor vehicles, while buyers of new energy vehicles would continue to enjoy purchase tax exemptions for the next three years.
Starting 2018, new energy vehicle buyers can borrow up to 85 percent of the cost from banks, up from the current 80 percent.