Flender/Flender Gear Units/Bevel-helical gear Reduction Box B3
of the global total. The association is considering scaling up its estimated NEVs sales to 2 million this year, up

from its previous estimate of 1.8 million units. Guo Shouxin, an official at the Ministry of Industry and Information Technology,

said China' auto industry is expected to see faster development during the 1th Five-year Plan period. "The trend of the

Chinese auto industry' positive development in the long run will not change, and our determination to develop smart electric cars

will not change either," Guo said. Carmakers are speeding up their efforts to shift towards electrification. Wang Jun, president of Changan Auto, said the Chongqing-based carmaker will roll out 2 electric cars in five years.Last month, Mr Zhang unexpectedly announced he would step down as ByteDance CEO, and said he would focus more on the company' long-term strategies and social responsibilities. Mr Zhang in 2 donated US$1 million to San Francisco-based Minerva Schools and US$1 million to the Innovation Fund for Nankai University in Tianjin. 4 4 July 2 July 2 Business ews Business ews South Korean battery maker, LG Energy Solution, expects to further explore the vast potential in China' fast-growing electric vehicle industry, after building over one third of its global production capacity in the country. Global annual sales of electric vehicles are expected to reach 1 million units in 2 and 2 million units in 2, said Park Jin-yong, senior executive at the company that spun off from LG Chem in late 2. "Without any doubt, China is leading the market growth," said Park at the China Auto Forum held in Shanghai from June 1 to 1. LG Energy Solution has four global bases with total production capacity of 1 GWh, and its customers include such companies as Tesla. Park said 4 GWh of its global production capacity is in China. China has been the world' largest market for electric cars and plug-in hybrids since it overtook the United States in