In China, EVs Have Ended Up Attracting Higher Insurance Premiums | Carscoops carscoops
Data from the Chinese Ministry of Energy Management’s Fire and Rescue Department shows that in the first quarter of this year, 640 new energy vehicle fires have been reported, 32 percent greater than over the same period in 2021. That number is also far higher than the total increase in fires for transportation vehicles overall, which was 8.8 percent. The ministry has further stated that the risk of fires is greater for NEVs than for traditional vehicles.
The increase in incidents comes on the heels of massive growth in the new energy vehicle segment. The segment accounted for 3.26 million sales from January to August this year, more than double the totals for the same period in 2021 and accounted for approximately 25 percent of the total passenger car sales in the country. The growth potential of this segment has manufacturers scrambling to introduce new products, with even non-automotive companies likeentering the fray.
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