Industry reports and market analysis from automotive industry experts

China Leads Global Auto Exports with NEVs, Targets 30% Growth to 16.5 Million Units in 2025

Dec 29, 2024, 11:32 PM

China has set a new benchmark in the global automotive industry, surpassing Japan to become the world's largest automobile exporter in 2023. The surge in exports is largely driven by the country's new energy vehicles (NEVs), which include electric vehicles (EVs). In 2023, China produced 9.458 million NEVs, a 6.9-fold increase from 2018, maintaining its position as the world's top producer for nine consecutive years. The Ministry of Finance has mandated that at least 30% of annual government vehicle purchases should be NEVs, signaling strong governmental support for the sector. Looking ahead, the Chinese Auto Association EV100 predicts a 30% growth in NEV sales and exports for 2025, reaching about 16.5 million units. This growth is expected to be supported by a penetration rate of over 50%, reflecting the ongoing shift towards greener transportation in China and globally.