China E-Motor Outlook
Although the COVID-19 pandemic has a highly significant negative impact on the entire automotive market, the trajectory growth of the electric drive market in 2020 is unchanged.
From 2009 to 2018, driven by a strong policy stimulus, China’s new energy vehicles (NEVs) have achieved rapid growth from less than 10,000 to more than 1,200,000 units. It has become the world's largest NEV market for five consecutive years since 2015. However, 2019’s production and sales volume of circa 1.2 million vehicles remained unchanged from the year prior.
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