The sales of new energy vehicles in Taizhou in East China's Zhejiang province surged dramatically this year, with 36 out of every 100 new cars sold in the first 10 months being NEVs.

According to November's data, the national production and sales of NEVs reached 1.07 million and 1.03 million units, respectively, representing a year-on-year growth of 39.2 percent and 30 percent. The monthly market share also reached 34.5 percent, making it the seventh month in a row that the market share of NEVs in the nation has exceeded 30 percent.

A recent report by the China Association of Automobile Manufacturers predicts that NEV sales in China will reach approximately 11.5 million units in 2024, highlighting the sector's significant growth potential.

"The consistent growth in NEV sales in Taizhou is an impressive achievement for the entire automotive industry," said a representative of the Taizhou Automotive Business Association. The city is among the top performers in the region, with a substantial 36 percent of new car sales being NEVs.

Compared to traditional gas-powered vehicles, NEVs are gaining popularity among young consumers due to their focus on technology and intelligence. These vehicles attract buyers who are interested in technological innovation. The development of NEVs is an undeniable trend, with hydrogen-powered vehicles and other emerging technologies complementing pure electric, hybrid, and extended-range vehicles.

To further support the growth of the NEV industry, the Ministry of Industry and Information Technology, along with two other departments, recently issued clear technical conditions and implementation requirements for the tax reduction and exemption policy applicable to NEVs after 2024. Starting June 1, 2024, vehicle models that fail to meet upgraded technical requirements will be excluded from the tax reduction and exemption catalog. This move aims to establish new standards and create a more favorable competitive landscape in the industry.