Methanol vehicles, like hydrogen ones, are ultimate NEVs, said Li Shufu, chairman of Zhejiang Geely Holding Group, on Thursday.

"Methanol vehicles will bring about great business opportunities for both the auto industry and the energy industry," said Li at the 5th Methanol Vehicles and Fuel Application Equipment Exhibition.

"I am confident in the green methanol sector and the green methanol vehicle sector," said Li.

Geely is one of the major Chinese carmakers that have been investing heavily in the sector.

Li said methanol is clean and easy to transport and store so it is an ideal source of energy.

Also, producing one ton of methanol requires 1.38 tons of carbon dioxide, so it is conducive to China's dual carbon goals, he added.

Geely has unveiled around 20 methanol models, including both passenger vehicles and commercial ones.

Over 30,000 methanol vehicles from Geely have hit the roads, with their combined mileage reaching 10 billion kilometers, said the carmaker.