22.9 million passenger automobiles had been offered in China final 12 months, up 5% from 2023. Almost 11 million had been electrical, bringing the NEV penetration fee to 47.9% in 2024.
The China Passenger Automotive Affiliation (CPCA) revealed the early retail gross sales knowledge as we speak. New Vitality Automobile (NEV) is a Chinese language time period for BEV (battery electrical car), PHEV (plug-in hybrid car), and FCEV (hydrogen). FCEV gross sales are nearly nonexistent in China.
Report-breaking 10.97 million offered NEVs is a 41.6% progress from 7.75 million in 2023 in China.
The 2024 breakdown of BEVs and PHEVs can be revealed tomorrow. Nevertheless, we will assume the values from the earlier knowledge. Between January and November, BEV share was 58%, whereas PHEV share was 42% in China.
Between Jan – Nov, BEV gross sales grew 22% to five.56 million models, whereas PHEV gross sales grew 80% to 4.03 million models.
The early 2024 knowledge had been compiled based mostly on December early knowledge revealed by CPCA. In December, passenger NEV retail gross sales in China had been at an all-time excessive of 1.38 million, up 46% from the identical month final 12 months and 10% from 1.27 million in November.
This marks the fifth consecutive month over the 1 million mark. A complete of two.62 million passenger automobiles had been offered in December, which means the NEV penetration fee was 52.6%.
CarNewsChina expects China’s home NEV gross sales to rise about 39% to fifteen.3 million models in 2025, with penetration surpassing 57%. The overall automotive gross sales in China ought to rise to 26.5 million models.
China introduced renewing NEV trade-in subsidies for 2025, which is predicted to spice up demand by 3 million autos. Consumers who commerce in previous autos for brand spanking new ones can qualify for a subsidy. In the event that they select a NEV, they could obtain as much as 20,000 yuan (2,700 USD) per car. For these choosing an ICE car with an engine measurement of two.0 liters or much less, the subsidy quantity is 15,000 yuan (2,000 USD) per car.
