On May 20, Henan Provincial Government issued Guidance on Further Accelerating Development of New Energy Vehicle Industry and proposed that by 2025, the annual output of new energy vehicles (NEV) will exceed 1.5 million units, accounting for over 40% of the total provincial automotive output, and meanwhile a RMB300 billion (USD45 billion) NEV industrial cluster will be built up, pushing forward the provincial output value of finished vehicles to reach RMB500 billion (USD75 billion), the output value of parts and accessories to reach RMB500 billion (USD75 billion) and the operating revenue of sales and value-added services to reach RMB500 billion (USD75 billion).