Development of fully electric systems will be the most important technical route for the automotive industry's low-carbon development in the medium and long term, industry insiders said.

"Carmakers and consumers should pay close attention to PHEV and HEV vehicles, which have excellent performance in carbon reduction," said Feng Xingya, president of GAC Group, a carmaker headquartered in Guangzhou.

Continuously improving the penetration rate of new energy vehicles in sales is one of the most effective means to promoting the peak of vehicle carbon emissions and moving towards neutralization, according to Feng. He made the remarks during the East Tech West, a high-level meeting bringing together representatives at the cutting edge of the technology industry with leading investors from across the world.

The event opened on Wednesday in Nansha district of Guangzhou, part of the Guangdong-Hong Kong-Macao Greater Bay Area, which is rapidly developing into a global hub for technology and innovation. With sessions focused on practical solutions, international collaboration and global viewpoints, tech giants and rising business stars gathered during this year's event to chart a course towards a post-pandemic future, according to organizers.

The carbon emission of materials and production accounts for about 20 percent of the total carbon emission of vehicles, while the carbon emission during the car operation accounts for about 80 percent, according to the China Automotive Technology and Research Center.

According to Feng, NEV sales will account for 50 percent of the company's total vehicle sales by 2030. "Development of fully electric and plug-in hybrid vehicles will become our key efforts in the years ahead."

The Guangzhou-headquartered company has also begun research and development of alternative fuel car models including those generated by hydrogen power, according to Feng. The growth of the NEVs nationwide is expected to exceed 195 percent year-on-year in 2021, according to Yang Ying, chief executive officer of Hycan, an all-electric car manufacturer based in Guangzhou. "Consumers have developed greater interest in electric vehicles, which in turn has encouraged us to develop more high-quality NEVs," Yang said.