Foreign automakers in China have stepped up their investment in electric and hybrid cars as China's new energy vehicle (NEV) industry accelerates.

In China, the world's largest auto market, NEVs account for more than 30 percent of the auto market. In 2023, production and sales of NEVs in the country exceeded 9.58 million and 9.49 million units, surging 35.8 percent and 37.9 percent year on year, respectively, official data showed.

Many foreign auto manufacturers have indicated that new energy vehicles will play an increasingly significant role in their future strategies in China.

A spokesperson for Volkswagen, a leading German automaker, said half of the 40 models it will introduce in China for the next three years are NEVs.

International automotive parts manufacturers are also aware of the opportunities presented by China's leading force in the rapidly growing NEV industry.

Bosch, a German engineering and technology giant, has invested more than 50 billion yuan (about 7 billion U.S. dollars) in China over the past ten years.It said it will continue to invest in the field and support China's transition to new energy.

"At present, the market penetration of new energy vehicles in China has reached about 40 percent, and it is predicted to reach or approach 50 percent this year. Currently, there is no doubt about China's leading role in new energy vehicles," said Wang Weiliang, president of Chinese committee of Bosch Mobility.

"I do believe that Chinese automotive industry with their extremely high speed to turn towards new energy vehicles will also help the other regions in the world to get to an acceptance of NEVs," said Jorg Grotendorst, senior vice president of car of the future at Magna International, a Canadian parts manufacturer for automakers.

Entrepreneurs and international officials from the energy sector recognized the contribution of China's NEV industry to technology advancement and environmental protection.

"We have set up a research institution with leading research institutes in China to develop next-generation technologies, especially solid-state batteries. BASF is a strong partner for battery manufacturers and original equipment manufacturers in China," said Lou Jianfeng, chairman and president of BASF Greater China, a German chemical company.

"Air pollution is a huge issue across our region, and mitigating air pollution is one of the really important benefits of adopting electric vehicles," said Michael Williamson, section chief of Energy Division in United Nations Economic and Social Commission for Asia and the Pacific.