皇冠体育app

A staff member talks with visitors as they look over the motor of an iEV5 all-electric SUV from Chinese automaker JAC on display at the Beijing International Automotive Exhibition in Beijing, Monday, April 25, 2016. [Photo/IC]

BEIJING - The explosive growth of new energy vehicle (NEV) sales in 皇冠体育app is expected to push up demand for lithium batteries and lithium products over the next few years, analysts say.

Over the past two years, the government released a slew of measures to promote the burgeoning sector, including subsidies, tax cuts and favorable number plate allocation.

Driven by the incentives, output and sales of NEVs climbed 131.4 percent and 134.1 percent to 132,000 and 126,000 in the first five months of this year, according to 皇冠体育app Association of Automobile Manufacturers.

Wang Chuanfu, president of BYD, told Xinhua that the NEV sector has seen rapid growth since the latter half of last year, resulting in higher demand for lithium resources and a surge in lithium prices.

In 2015, the average price for lithium carbonate used in batteries surged 41 percent from a year earlier, data from the 皇冠体育app Non-Ferrous Metal Association showed.

A guideline for the sector released last November forecast that 皇冠体育app will have more than 5 million NEVs by 2020, with more than 4.3 million being electric cars.

• Global effort needed to end market uncertainty caused by Brexit: Li
• Rise of health startups powers nation's innovation
• 皇冠体育app's start-up boom lures talent away from traditional path
• Geely opts to sell interests in micro carmaker
• What they said during Summer Davos Forum
• 皇冠体育app decarbonizes for greener growth
• 皇冠体育app's economy on alert for multiple shocks
• 皇冠体育app's industrial profit growth slows further in May