Report: Domestic firms to take lion's share of China's NEV market

China's home-developed new energy vehicles are expected to account for nearly 80 percent of the domestic market in 2023, thanks to cutting-edge technology and increased demand for high-quality vehicles, according to an industrial report published on Wednesday.

Advanced technologies, precise market promotion and upgrading more NEV models will help further enhance domestic manufacturers' leading position in the market, the authors asserted.

The report, focusing on industrial trends and investment opportunities in the NEV sector, was jointly released by GF Securities and GAC Capital, the financial investment platform of auto manufacturer GAC Group based in Guangzhou, capital of Guangdong province.

Increased market share of NEVs will help promote development of auto parts and further optimize the industrial supply chain, the report suggested.

Research and development of batteries, semi-conductors, smart cabins, unmanned driving and sharing platforms were also named as key areas for investment.

"As a domestic automobile manufacturer, we are focusing on building an ecology of new energy, self-driving and intelligent internet-connected vehicles," said Feng Xingya, president of GAC Group.

Over 10 companies invested in by GAC Capital have introduced their business to Guangzhou, covering new energy ecology, automobile chips, self-driving and smart internet connections, the company said.