China saw a significant increase in passenger automobile sales last year, with 22.9 million units sold, representing a 5 percent rise compared to the previous year? By 2024, a significant milestone was reached, with approximately 11 million electric vehicles on the road, representing a remarkable 47.9% penetration rate of new energy vehicles.
China’s Passenger Automotive Association has released today’s early retail sales data. In China, the term New Vitality Automobile (NEV) encompasses three types of eco-friendly vehicles: battery-electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and fuel cell electric vehicle (FCEV). FCEVs (fuel cell electric vehicles) have virtually no traction in terms of sales within the Chinese market.
In 2024, China saw a remarkable surge in the sale of new energy vehicles (NEVs), with a staggering 10.97 million units sold, representing a significant 41.6% increase over the 7.75 million units sold in 2023?
The anticipated 2024 market split between battery-electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) could be publicly released as early as tomorrow. Notwithstanding our previous understanding, we shall adopt the prevailing assumptions. In China, between January and November, the market share for Battery Electric Vehicles (BEVs) stood at 58%, with Plug-in Hybrid Electric Vehicles (PHEVs) accounting for a significant 42%.
Between January and November, battery electric vehicle (BEV) gross sales surged 22% to 5.56 million units, while plug-in hybrid electric vehicle (PHEV) gross sales skyrocketed 80% to 4.03 million units.
Early 2024 knowledge was compiled primarily from December releases provided by the China Pharmaceutical Council Association (CPCA). In December, China’s passenger electric vehicle (NEV) retail sales reached a historic high of 1.38 million, surging 46% year-over-year and 10% from November’s 1.27 million mark.
For the fifth straight month, we’ve surpassed the 1 million milestone. In December, a total of 2.62 million passenger cars were sold, resulting in an electrified vehicle (NEV) market penetration rate of 52.6%.
According to CarNewsChina, it is forecast that China’s new-energy vehicle (NEV) market will experience a significant surge in demand, with gross sales expected to increase by approximately 39% to reach around 15.3 million units by 2025, ultimately achieving a penetration rate of more than 57%. China’s automotive market is expected to surge to 26.5 million units in total gross sales.
China has reinstated its new-energy vehicle (NEV) trade-in subsidy program for 2025, expected to boost demand by a significant three million units. Customers trading in their older vehicles when purchasing a brand-new one may be eligible for a financial incentive program. In the unlikely event that they opt for an electric vehicle, the government incentivizes them with up to 20,000 yuan (approximately $2,700 USD) in subsidies per vehicle. The government offers a subsidy of 15,000 yuan (approximately $2,000 USD) for each passenger vehicle that meets certain criteria, including a two-litre engine or smaller in size.
