China Mandates 30% EV Purchases for Government Agencies, Stocks Surge

Oct 29, 2024, 06:32 AM

The Chinese government has announced a significant policy shift to bolster its electric vehicle (EV) industry. According to new guidelines issued on September 27 and reported by state media Xinhua, central government agencies are required to ensure that at least 30% of their new vehicle purchases are electric vehicles annually. This move aims to support domestic EV manufacturers such as NIO, Xpeng, Zhejiang Leapmotor, BYD, and Tesla. The policy is also expected to drive the construction of additional EV infrastructure. As a result of this announcement, shares of Chinese EV companies have surged.