The China Association of Manufacturers has published the first results of the industry’s work in 2024, writes CarNewsChina. Sales of passenger cars and commercial vehicles in the domestic and export markets as a whole grew by 4.5%, but the volume of NEV (New Energy Vehicles, electric cars and hybrids) sales jumped by 35.5%. For the 10th time in a row, China took first place among the countries in the world in terms of sales of such vehicles.
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- In total, Chinese automakers sold 31.436 million cars in 2024, of which 5.859 million were exported (up 19.3%). Of these, 12.866 million units were electrified, or almost 41% of the total market. Electric cars accounted for 60% of this segment: the market share of fully battery-powered cars decreased by 10.4 percentage points.
- 1.284 million units of electric cars and hybrids were shipped abroad, with exports of the latter growing by 190% to 297 thousand units. The largest exporters in the market as a whole were Chery, SAIC and Changan, but the most active growth was demonstrated by the BYD concern, which shipped 72% more cars outside of China than in 2023. Changan and JAC also confidently added in this direction.
- The association’s management believes that both the market and car production in China will continue to grow at the same moderate pace in 2025, but NEV sales should increase by about a quarter. Accordingly, such cars should take a larger share of the market.
Meanwhile, analysts predict a slight decline in the Russian car market, which is explained by the growth of the recycling fee and the Central Bank rate. According to one forecast, the decline by the end of 2025 will reach 15%, with sales falling to 1.4 million cars.
