Retail sales of electric and hybrid vehicles in China witnessed a significant increase of 40.7% in 2024 compared to the previous year, as reported by a professional federation on Thursday.
This remarkable growth underscores China's dominance in a sector heavily supported by government initiatives.
The China Passenger Car Association (CPCA) revealed that a record total of 10.899 million hybrid and electric models were sold in the Chinese market in 2024, representing 47% of the overall 22.894 million vehicles sold in the country during the same period.
The electric and hybrid vehicle market in China has seen extraordinary expansion in recent years, driven in part by subsidies provided by the Beijing government.
In contrast, these types of vehicles accounted for only 22.6% of sales in the European market as of last November, according to the European Automobile Manufacturers Association (ACEA).
Nonetheless, a slowdown in economic activity within the world’s second-largest economy, which has impacted consumer spending, has intensified competition among manufacturers. Overall vehicle sales in the Chinese market, including traditional combustion engine models, rose by 5.5% in 2024 compared to 2023, according to the CPCA.
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