China electric car market is anticipated to grow at a significant CAGR during the forecast period (2019-2025). In 2020, a positive single-digit growth compared to last year was witnessed in the EV sales in China. The country updated its fuel economy standard for light-duty vehicles for 2021-2025 in January 2020 for the country's new vehicle fleet in 2025. Through a fuel economy credit scheme, OEMs are obliged to reach that target or cover any credit deficit through transfers, past carry-overs, or NEV credit surplus.