China encourages NEV companies to set up research centers abroad

(ECNS) -- China has issued a document to encourage NEV companies to set up overseas research and development centers, according to the Ministry of Commerce on Wednesday.

The document specified that NEV companies and supply chain enterprises should optimize global innovation resources and establish strategic relations with foreign research institutions and industrial clusters. Automakers are encouraged to enhance innovation in NEV design, research and engineering technology.

The document said it supports industry organizations to hold product promotions in key overseas markets and establish a good image for Chinese NEV brands.

China exported 1.773 million electric passenger vehicles in 2023, an increase of 67.1 percent year on year.

As exports soared, European Commission (EC) launched an investigation into whether to impose punitive tariffs to protect European Union producers against Chinese NEV imports last year.