(CFP Photo)

As a major producer of new energy vehicles (NEVs), Jiangsu Province is expected to benefit from the extended preferential purchase tax policy for NEVs, recently announced by the Ministry of Finance, the State Taxation Administration, and the Ministry of Industry and Information Technology.

In the first half of the year, Jiangsu had 11,000 more registered companies related to NEVs. The province manufactured 682,900 vehicles in the same period, including 274,000 NEVs.

In addition, the added value of the NEV manufacturing industry in the province rose by 86.5% year-on-year. Specifically, the added value of lithium-ion batteries and photovoltaic systems and components expanded by 28.8% and 36.9%, respectively.

The consumer market also showed strong growth of NEVs across the province. In Nanjing, retail sales of NEVs in the first six months surged by 27.7% compared to the same period last year. In Suzhou, the 6-month sales of NEVs increased by 66.19% to 68,728. Yangzhou recorded sales of 8,966 vehicles, reflecting a year-on-year growth of 25%.

Furthermore, the market share of NEVs continued to grow rapidly. For instance, NEVs occupied a market share of 28.6% in Yangzhou in the first half of the year, up from 14.8% in 2021, while Suzhou's market share reached 31.33%.

In addition to vigorous production and sales, Jiangsu also aims to build 800,000 charging piles.