Fitch Ratings says new-energy vehicles will continue to see strong growth next year as more motorists ditch petrol cars, with the rating agency forecasting that electric vehicles will account for 35% of car sales on the mainland next year, up from 27% this year and 15% in 2021, a report by the South China Morning Post says.
China’s auto market is accelerating its transition to EVs and consumers’ acceptance of new energy vehicles is increasing, which spurred Fitch researchers to predict that sales of petrol cars would drop sharply, while competition among new EV brands would generate “fierce competition” among carmakers, the report said.
Read the full report: The SCMP.
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