Market share reports from automotive industry analysts

China's EV Sales to Reach 12 Million Units in 2025, Hitting 50% Target Early

Dec 26, 2024, 09:57 AM

Electric vehicles (EVs) are projected to outsell cars with internal combustion engines in China for the first time in 2025, marking a significant milestone that positions the world's largest car market years ahead of its Western counterparts. According to the Financial Times, this development is expected to see EV sales rise by 20% next year, reaching 12 million units, compared to 5.9 million in 2022. This growth trajectory suggests that China will achieve its target, set in 2020, of EVs accounting for 50% of car sales by 2035, a decade earlier than planned. The rapid expansion of the Chinese EV market is challenging the market share of traditional automakers from Germany, Japan, and the US, which has dropped to a record low of 37% in China. This shift is attributed to China's advancements in battery technology and supply chain management, which have enabled lower production costs.