Xinhua Headlines: German auto firms invest more in China on new energy vehicle hopes

Xinhua Headlines: German auto firms invest more in China on new energy vehicle hopes

(231029) -- CHANGCHUN, Oct. 29, 2023 (Xinhua) -- Constructors work at a construction site of the Audi-FAW new energy vehicle (NEV) project in Changchun, northeast China's Jilin Province, June 26, 2023. (Xinhua)

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                      NEV makers move fast in China leveraging innovation, cooperation

                      STORY: NEV makers move fast in China leveraging innovation, cooperation SHOOTING TIME: recent footage DATELINE: May 12, 2024 LENGTH: 00:01:20 LOCATION: HEFEI/GUANGZHOU, China CATEGORY: ECONOMY SHOTLIST: 1. various of the NEV sector STORYLINE: Fierce competition has driven up technological innovation and industrial upgrading in China's new energy vehicle (NEV) sector, with auto brands revving up investment and seeking cooperation. In the first quarter of this year, China's NEV sales climbed 31.8 percent year on year to 2.09 million units, according to the China Association of Automobile Manufacturers. Data from the association also showed that the country's NEV sales surged 37.9 percent year on year to about 9.5 million last year, compared with just 75,000 a decade ago. However, last year saw a survival battle among Chinese NEV makers, after the withdrawal of financial subsidies for NEVs that had been in place for 13 years. While traditional automakers from home and abroad are accelerating the electrifi