11 Million NEVs Sold in China Last Year, 47.9% Market Share – Report

Nearly 11 million NEVs were sold in China last year, with a market share of 47.9% out of the total 22.9 million vehicles sold.

The Chinese automotive market has recorded a total of 22.9 million passenger vehicles sold in 2024, marking a 5% increase from 2023. More importantly, early data also shows that nearly 11 million new energy vehicles (NEVs) were sold in the People’s Republic last year, which represents an impressive 47.9% market share.

These figures were obtained from the early retail sales data published by the China Passenger Car Association (CPCA), where it shows NEV has posted a 6.3% growth in market share over the previous year. This latest feat also sets a new all-time high for NEV sales in China, with the previous record being set back in 2023, where 10.97 million NEVs were sold that year.

As of now, no detailed breakdowns on the NEV sales were shared by CPCA, so we can’t really have a precise insight on the specific types of NEVs sold in China last year. In the Chinese market, NEVs are comprised of battery EVs (BEVs), plug-in hybrids (PHEVs), and hydrogen fuel-cell EVs (FCEVs), while series-parallel hybrids (HEVs) and mild hybrids (MHEVs) are labelled under the ICE category.

Referring to the existing data from Jan to Nov 2024, the Chinese automotive market sees more BEV intakes over their PHEV counterparts, with the former representing 58% of NEVs’ market share, while the latter is capped at 42%. FCEVs, however, still didn’t catch up in China, as their sales were almost nonexistent here in the BEV-dominant market space.

According to CarNewsChina, passenger NEV sales in China in Dec 2024 were at an all-time high of 1.38 million units, a 46% increase from the same period last year and 10% from Nov 2024. This also marks the fifth consecutive month that NEV sales managed to hit the 1-million mark, while market share is capped at 52.6% in this month alone.

Part of the rapid rise of NEV adoption in late 2024 was due to the extensive new vehicle trade-in subsidies provided by the Chinese government. Buyers who trade in old vehicles for new ones can qualify for a subsidy worth up to CNY 20,000 (RM12,000 approx.)per vehicle for NEVs, while ICE vehicle incentives are capped at only CNY 15,000 (RM9,000) per vehicle.

Given that the Chinese government has decided to renew this new vehicle subsidy for 2025, we can expect NEV sales in China to grow further this year, with CarNewsChina predicting a 57% market share for NEVs should be achievable, while total sales volume will rise to 26.5 million units.

Source: CarNewsChina