China ‘s new energy vehicle industry is expanding as a strategic emerging industry and has become an important force in industrial upgrading. Its supply chain has been prolonged, detailed, and its industrial structure has been developing. Uncertain external environment and increasingly complicated internal structure make it important to understand the evolutionary mechanism and developing law of new energy vehicle industry. This paper, aiming at exploring the endogenous development mechanism of China ‘s new energy vehicle industry, uses China ‘s new energy vehicle trading data from 2008 to 2020 to establish a supply-demand dependance network among listed companies of this industry, and studies its evolutionary characteristics. Empirical research is carried out to verify evolutionary mechanism of the supply-demand dependance network based on financial data and public sentiment data, via stochastic actor-oriented model from three dimensions of endogenous network structure, situation factors and company attributes. China ‘s new energy vehicle industry shows a local-centralized supply-demand dependence structure, and regional leading enterprises are boosting their abilities in controlling supply chain. Formation and evolution of industrial supply-demand dependence network is impacted by endogenous mechanism, such as preference attachment effect and triangle loop effect, and promoted by co-executive relationship. This paper presents suggestions for advancing China ‘s new energy vehicle industry on regional commercial cooperation, optimizing co-executive relationship and caring vulnerable companies.Governments and professional associations should continue boosting industrial cluster construction and supporting regional integration on policies and standards, enhancing free migration of capital, technical and industrial data.Industrial policies are adjusted to optimize industrial demand-supply relation through constraining or promoting co-executive relationship.Tracking commercial sentiment can recognize potential dependance relation, comprehend industrial network dependance structure, helpful in directing investment and recognizing risks. Governments shall take care of vulnerable companies, be vigilant on industrial structural imbalance, and also pay attention to notable companies with higher standard operating code and supervision, fully disclosing their financial information.