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China's Auto Industry Hits Record 2024 Sales, NEVs Reach 12.87 Million Units and 40.9% Share

Jan 13, 2025, 07:02 AM

China's auto industry achieved record-breaking performance in 2024, with production and sales exceeding 31 million units, marking a 3.7% and 4.5% year-on-year increase, respectively, according to the China Association of Automobile Manufacturers (CAAM). New-energy vehicles (NEVs), including electric and plug-in hybrid vehicles, reached a milestone with sales surpassing 12.87 million units and output at 12.89 million units, up 35.5% year-on-year, and accounting for 40.9% of total vehicle sales. December NEV sales reached a record 1.596 million units. This marks the 10th consecutive year of China leading the global NEV market. NEV exports also grew by 6.7% to 1.28 million units. Q4 sales were boosted by incentives, selling 1 million more vehicles than Q4 2023. The CAAM forecasts further growth in 2025, predicting total vehicle sales of 32.9 million units, with NEVs contributing 16 million units.