Shanghai (ZXZC)- Shanghai saw its annual new energy vehicle (NEV) outputs and production value soar 70% and 200% year on year to 550,000 units and over 160 billion yuan ($25.262 billion) in 2021, Gong Zheng, mayor of Shanghai, said on Jan. 23 at a press conference.

Roewe all-new Ei5; photo credit: Roewe

According to Mr. Gong, Shanghai's NEV industry has entered into a fast-growing development stage. The megacity has so far put over 670,000 NEVs on roads, more than 250,000 units of which were deployed last year. It is today's No.1 city in China in terms of NEV parc.

Regarding development target, Shanghai aims to hit an annual NEV production volume of over 1.2 million units and a yearly NEV industry production value of 350 billion yuan ($55.262 billion) by 2025. Besides, the city wishes to build a charging network that meets the charging demands of more than1.25 million electric vehicles by that year.

Mr. Gong noted Shanghai has rolled out a slew of policies to support the development of NEV business, including a five-year (2021-2025) plan and the policies for boosting fuel cell vehicle (FCV) development and spurring NEV sales.

Moreover, he revealed Shanghai will issue governmental papers to promote the construction of EV charging and battery swapping infrastructures and make greater efforts to cope with the shortage of automotive-grade chips.