Sales of electric and hybrid cars in China will climb 40.7% in 2024, notably thanks to an explosion in BYD sales.
Sales of electric and hybrid cars in China jumped 40.7% in 2024, reaching a record 10.899 million vehicles soldaccording to the China Federation of Personal Car Manufacturers (CPCA).
These models now represent 47% of 22.894 million vehicles sold in the country during the year, confirming the Middle Kingdom’s lead in the electric car sector.
Growth fueled by subsidies
The Chinese market for electric and hybrid vehicles has experienced rapid expansion for several years, thanks to generous grants offered by the government. These measures aim to reduce energy dependence and strengthen the country’s ecological transition.
In comparison, the share of electrified vehicles in the European market remains significantly lower, amounting to only 22.6% of sales last November, according to the European Automobile Manufacturers Association (ACEA).
Among the market players, the Chinese manufacturer BYD establishes itself as an undisputed leader, with 4.272 million vehicles sold in 2024or close to 40% of the Chinese market for electric and hybrid vehicles.
Chinese manufacturers are struggling to establish themselves outside China
Despite this performance, the Chinese economic slowdown is weighing on household spending, intensifying competition between manufacturers. Internationally, the outlook is less encouraging. BYD’s overseas sales accounted for only 12% of its volumes in Decemberslowed down by hardening customs duties targeting Chinese vehicles.
These trade tensions could increase with the coming to power at the end of January of the American president-elect Donald Trumpwhich promised to further raise taxes on imports from China.
Despite this, the Chinese automobile market as a whole, including thermal vehicles, grew by 5.5% in 2024 compared to 2023according to the CPCA.
Source: www.autoplus.fr
