Annual sales reports from the China Association of Automobile Manufacturers (CAAM)

China's NEV Sales Surge 40.7% to 10.899 Million Units in 2024, BYD Leads with Over 4 Million Sold

Jan 9, 2025, 01:00 AM

China's new energy vehicle (NEV) market saw a significant increase in 2024, with retail sales of electric and hybrid vehicles rising by 40.7% to 10.899 million units. NEVs accounted for 47.6% of total vehicle sales in the country, highlighting the sector's robust growth. In December alone, retail sales of NEVs reached a record 1.3 million units, marking a 37.5% year-on-year increase and the fifth consecutive month of sales exceeding one million units. The Chinese market has been driven by fierce competition among domestic manufacturers, with BYD leading the market by selling over four million vehicles globally in 2024. Meanwhile, foreign automotive giants have struggled to maintain sales in China amidst this competitive landscape.