Global sales data from automotive industry analysts or official company reports

China Dominates Global EV Market with 76% Share, Aims for 30% NEV Growth to 16.5 Million Units by 2025

Dec 29, 2024, 10:00 PM

China has solidified its position as a dominant force in the global electric vehicle (EV) market, holding a 76% share. This dominance is challenging Western automakers, who face significant hurdles due to the lower costs and simpler supply chains of Chinese EVs. In 2023, China led global car production, contributing nearly a third of the total output. The Chinese government has set a mandate for at least 30% of annual government vehicle procurements to be new energy vehicles (NEVs), with a 100% procurement ratio for vehicles used in urban areas with fixed routes. The Chinese Auto Association EV100 anticipates a 30% growth in NEV sales and exports, projecting about 16.5 million units in 2025. In Mexico, Chinese automakers have captured a 9% market share, with BYD surpassing Tesla in EV sales for the first time this year. Chinese brands like BYD, Geely, and Nio are making inroads into the European market with high-tech, low-cost EVs.