Big money backing China s market for NEVs By CAO YINGYING | China Daily | Updated: 2021-01-11 10:50 Share CLOSE Tesla sign is seen at the third China International Import Expo (CIIE) in Shanghai on Nov 5, 2020. [Photo/Agencies]
Global investors have shown confidence in China s new energy vehicle market, with record financing in 2020.
The emerging new energy vehicle industry raised 129.21 billion yuan ($20 billion) last year. It marks an increase of 159.4 percent compared with 2019, according to a report by Qcc, a government-recognized enterprise credit rating system. It is also the first time that the annual financing exceeded 100 billion yuan.
The report also shows the number of financing events declined 18.3 percent year-on-year in 2020.