China's electric vehicle sales surge over 40 percent amid growing demand, intense price competition
Date
1/12/2025 4:32:00 AM
(MENAFN) Sales of electric and hybrid vehicles in China surged by more than 40 percent last year, reflecting a growing demand for new energy models amid ongoing competition and a tough price war in the sector.
The electric vehicle (EV) market in China has seen remarkable growth in recent years, largely fueled by generous subsidies from the Chinese government. However, the world's largest automotive market is also grappling with stiff competition among local car manufacturers, exacerbated by a consumption slowdown that has intensified the price war, affecting profit margins.
In 2024, nearly 11 million new energy vehicles (NEVs) were sold, marking a year-on-year growth of 40.7 percent, according to the China Passenger Car Association (CPCA). NEVs made up nearly half—47.6 percent—of total retail sales for the year.
In comparison, NEVs represented just 22.6 percent of sales in the European market as of November, based on data from the European Automobile Manufacturers' Association.
In December, NEV sales in China surpassed 1.3 million units, a 37.5 percent increase compared to the same month the previous year, marking the fifth consecutive month with over one million NEV sales.
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