Chinese auto manufacturer Geely Auto is planning to set up a new energy vehicle (NEV) plant in China, according to media reports. The company is also expected to shift 90pc of its total production to hybrid electric vehicles (EVs)
The company said that the decision comes in the wake of the global auto sector thrust towards electric and new energy vehicles to reduce carbon emissions. Geely will also expand its partnerships into the electric car segment.
The company has many joint ventures in the EV segment. In January, the company has launched a JV with Baidu. In February, Baidu said that the JV brand will introduce a new smart EV within the next three years.
In 2020, China EV sales stood at 1.37mn units, up 11pc from 2019 despite the impact of the COVID-19 pandemic on the auto sector across the globe, as per data released by the China Association of Automobile Manufacturers (CAAM).
China aims that EV sales should account for about one-fifth of total car sales by 2025.