Electric vehicle sales in China are projected to surpass those of internal combustion engine vehicles for the first time in 2024, marking a significant shift in the global automotive landscape. This early adoption is expected to propel China's EV market years ahead of Western competitors. Chinese EV sales, including battery electric vehicles and plug-in hybrids, are anticipated to reach over 12 million units in 2025, more than double the 2022 sales figure. Meanwhile, sales of traditional cars are expected to decline significantly. The growth in China's EV market is attributed to its success in developing domestic technology, securing global supply chains for critical resources, and achieving economies of scale in manufacturing.
Electric vehicles are expected to outsell cars with internal combustion engines in China for the first time next year, in a historic inflection point that puts the world’s biggest car market years ahead of western rivals.
As China’s EV market tracked towards year-on-year growth of near 40 per cent in 2024, the market share of foreign-branded cars fell to a record low of 37 per cent — a sharp decline from 64 per cent in 2020, according to data from Automobility, a Shanghai-based consultancy.
EV Sales Electric Vehicles China Internal Combustion Engine Automotive Industry
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