BYD employees work on an assembly line in Xi'an, Shaanxi province, on March 8, 2022. [Photo by Yuan Jingzhi/For China Daily]

The recent substantial price hikes in raw materials for batteries need close attention, said Xin Guobin, vice-minister of industry and information technology, at the China EV 100 forum on Saturday.

He said China will accelerate the development of domestic resources, crack down on unfair competition activities - such as hoarding and speculation - and guide upstream and downstream enterprises in the industrial chain to strengthen cooperation which will help ease prices of key raw materials.

Besides this, the Chinese government will improve the supply capacity of key raw materials and parts, and the guaranteed capacity of charging and changing services.

China's new energy vehicle industry has achieved remarkable results over the past years. By the end of March, China is expected to have more than 10 million new energy vehicles on its roads.