China’s electric vehicle sales skyrocketed by over 40% in 2024, while gasoline-powered car sales plummeted. The country’s largest market for auto sales, China accounted for a total of 31.4 million vehicles sold last year, a 4.5% increase from the previous year.
Exports of passenger cars surged almost 20% to 5 million vehicles, with “new energy vehicles,” including battery EVs and plug-in hybrids, reaching 1.28 million, a 6.7% growth from 2023. Domestic sales of passenger cars rose 13.6% in December, driven by trade-in rebates, increasing overall sales by 3.1%.
However, traditional gasoline-powered vehicles saw a significant decline, with sales dropping 17% to 11.6 million. Foreign automakers such as Volkswagen AG and Nissan Motor Corp., which relied heavily on China’s strong demand for fuel-powered cars, face challenges in adapting to the shift.
To address this, Honda and Nissan recently announced plans to pursue a merger to develop electric vehicles for the Chinese market. In contrast, China’s EV sales continue to expand rapidly, contrasting with the United States and Europe where growth has slowed.
Source: https://abcnews.go.com/Business/wireStory/chinas-electric-car-sales-grow-2024-sales-gasoline-117614595