NIO Executive: EVs Enter Golden Era as Policies and Market Trends Accelerate Industry Transformation

Shen Fei, Senior Vice President of NIO and President of Onvo Auto, stated that the Onvo L90 has delivered over 60,000 units within a year of its launch, marking a pivotal turning point toward battery-electric vehicles (BEVs) in the large three-row SUV segment. He noted that starting next year, extended-range electric vehicles (EREVs) will no longer qualify for the vehicle and vessel tax exemption and will be required to pay the full amount, while pure electric passenger vehicles will continue to enjoy the tax waiver. Additionally, Hainan Province plans to completely ban the sale of internal combustion engine (ICE) vehicles by 2030. Shen emphasized that policy shifts, industry trends, and market dynamics collectively signal an irreversible golden era for pure electric vehicles. Earlier, Li Bin, Founder, Chairman, and CEO of NIO, also publicly stated that the technological trajectory of new energy vehicles (NEVs) is clearly converging toward pure electric solutions. He predicted that by 2030, NEVs will account for more than 90% of China’s new car market, with pure electric vehicles representing over 90% of all NEV sales.