vol.062：China's Sudden EV Boom
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vol.062：China's Sudden EV Boom
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The source, an issue of the newsletter "Keywords for Deeply Understanding Chinese IT," focuses on the recent surge in electric vehicle (EV) sales in China, which many media outlets describe as happening "suddenly." This growth is attributed partly to the COVID-19 pandemic, which shifted consumer preference toward private transportation, minimizing contact, and also to the rise of "smart" EV features that appeal to younger consumers (Z Generation), who view cars as a "technology device" extension of their smartphones. While affordable micro-EVs like the Wuling Hongguang MINI EV are hitting record sales, higher-end models from companies like Tesla, BYD, and Nio are also performing well, challenging the previous view that China's EV shift was struggling. Despite this positive trend, the article notes that EVs still represent only a small portion of overall car sales and that hitting the government’s 2025 sales target of 20% will depend on successfully penetrating the mass-market price segment.