China’s electric car sales surged by over 40% in 2024, outpacing the growth of gasoline-powered automobiles, which plummeted to their lowest level in years. The country sold a record 31.4 million vehicles last year, with exports of new energy vehicles reaching 1.28 million, a 6.7% increase from 2023.
The Chinese government’s expansion of electric vehicle makers abroad has sparked concern among US and European automakers, who have imposed tariffs on Chinese-made electric cars. However, China remains the largest market for electric vehicles, with sales rising by 13.6% in December, driven largely by rebates for trade-ins.
In contrast, traditional gasoline-powered vehicles saw a significant decline, with sales falling 17% to 11.6 million. Foreign automakers such as Volkswagen and Nissan are struggling to adapt to the shift towards electric vehicles, with some announcing plans to merge to meet the challenge.
Despite global slowdowns in growth, China’s electric vehicle market continues to expand rapidly, driven by government incentives and consumer demand for more sustainable options.
Source: https://apnews.com/article/china-autos-evs-exports-3f5860634a1d146446dd0dd9e78c2abb