In recent years, the automotive industry has witnessed a significant surge in the production and adoption of new-energy vehicles (NEVs). As the world transitions toward a greener future, NEVs have gained prominence due to their reduced carbon footprint and increased energy efficiency.
NEV sales were strong internationally in 2022, despite the gloomy overall trend in the auto market. This year, they are expected to account for 18 percent of the world’s total vehicle sales. Market share growth has slowed slightly compared with 2021, but NEVs will comprise almost one third of the global market in 2027 as more models are developed and produced and emission controls get tougher.
In China, the term
