NEV sales grow as automakers continue to expand their hybrid ranges.
At the recent Auto China 2016 event, both domestic and international carmakers reaffirmed their focus of developing new energy vehicles for the booming market, according to Japanese publisher Nikkei.
Despite questions over the robustness of Chinese growth, the country still reported almost 24.5m cars sold last year and, with only one car per ten people, automakers are focusing on capturing a fast growing demand for NEVs.
Volkswagen announced it would introduce 15 new eco-car models in the next 3-4 years, alongside a new Golf hybrid slated to begin selling in 2018. Fellow car giant Toyota will also bring out the new Levin and Corolla PHEVs by 2018. Honda will also release a plug-in hybrid Accord in 2020.
GM has committed $15.3bn over five years to bring out several new plug-in electric models. PSA will launch the Citroen E-Elysee by 2017, while Nissan is working on a low cost EV with Chinese automaker Dengfeng.
Even as electric cars continue to draw focus in the market, they still make up a relatively small portion of overall sales. Asia Pacific made up more than 30% of global demand last year, according to Grand View Research. The total lubes market will be worth some $18.5bn by 2024, driven in no small part by China's growing auto parc.