Shanghai (ZXZC)- More and more market signs show that domestic NEV industry is growing fast in face of market disputes. Latest data from Ministry of Industry and Information Technology shows that in the first ten months, domestic production and sales volumes for battery electric vehicles all reach 77,000 units with respective year-on-year growths of 76.3% and 95.8% year on year.

Previous data released by CAAM shows that domestic NEV market has production and sales gaps in the previous three quarters, which is rarely seen. Some market analysts believe that domestic NEV industry is facing surplus risk. Most NEV companies believe the gap is related to industrial policy adjustment by the government in Q2 and companies’ time needs to complete certificates, but it doesn’t represent domestic demand is declining and the soaring growth in October will continue.

Many auto companies believe systematic and good environments with related policies will remain key factors for the continuous and steady developments of NEV industry. Other experts believe the launching of double-credit policy will further accelerate the developments of NEV models and market size, which will take positive effects in improving the status of whole domestic auto industry in global auto electrification and NEV markets.

Foreign companies all also step up efforts in China auto market to cope with dual-credit policy. The motor manufacturer Hitachi Automotive System has also established a new company engaging in the development, production and sales of electric motors for electric vehicles in Guangzhou, after Volkswagen Group and Ford signed agreements with Chinese companies to enter into China new energy vehicle market.