Sales of passenger electric vehicles in China are expected to rise 35% annually to 8.8 million units in 2023, with the share of electric vehicles in all new car sales exceeding 37%, Paul Gong, head of China automotive research at UBS, said on Thursday. The Swiss investment bank sees long-term positive sentiment in the market as consumer awareness of electric car ownership increases and the industry undergoes rapid development. Overall sales in the world’s biggest auto market may increase slightly by 1% this year, Gong added. China reported passenger EV sales of nearly 6.5 million units with a penetration rate of 27.6% last year, according to figures from the China Passenger Car Association. [TechNode reporting]