China sees thriving NEV market in 2021: report

BEIJING - China saw rapid development of its new energy vehicle (NEV) market in 2021, data from a recent report showed.

The total amount of financing in NEV-related sectors has exceeded 80 billion yuan (about 12.6 billion US dollars) this year, and the number of newly-established NEV-related firms was 2.4 times that in 2020, according to the report released by database query platform Tianyancha.com.

Battery-changing services are becoming a new growth point in the NEV market, with 39,000 new related companies this year, the report said.

The hydrogen fuel cell sector saw a rapid expansion as well, with its total amount of financing surging 80 percent year on year to about 1.8 billion yuan, according to the report.