Many new charging stations for NEVs are built in Yantai Huang-Bohai New Area. [Photo/WeChat account: ytkfqfb]

Yantai Huang-Bohai New Area has expedited new energy vehicle (NEV) policies and infrastructure by measures such as waiving purchase taxes, issuing car consumption vouchers, and constructing multiple charging stations.

The area offers vouchers for NEVs of up to 3,000 yuan ($422), leading to a significant surge in sales for NEV dealers. Car sales in the area have reached 11,700 units so far this year, up 14 percent year-on-year, and are expected to reach 14,000 units by the end of the year. This will represent an increase of over 18 percent due to the continued issuance of vouchers.

Moreover, to roll out the charging network faster, the Huang-Bohai New Area is not only constructing new charging stations but also implementing parking discounts at 12 locations, including Yantai International Airport and YEDA Hospital, making charging more affordable for vehicle owners. With the booming development of the NEV industry, associated supporting enterprises are seizing opportunities.

"One in three NEVs produced globally are equipped with magnetic steel made by Zhenghai." This saying widely circulates at Yantai Zhenghai Magnetic Material Co Ltd. This year, the company's high-performance neodymium iron boron permanent magnetic materials have been used in 2.23 million sets of NEV motors, marking a 14-percent increase.

"The next step is to introduce over 20 key supporting projects such as batteries, motors, and electronic controls, with an investment exceeding 20 billion yuan and a new output value surpassing 50 billion yuan," stated a relevant official.