Market share data from China's Ministry of Industry and Information Technology or other authoritative sources

China's Electric Vehicle Sales to Exceed 13.4 Million in 2025, Surpassing Traditional Cars and Achieving 50% Market Share Target by 2035

Dec 26, 2024, 03:32 PM

China's electric vehicle (EV) market is poised for a historic shift, with sales expected to surpass those of internal combustion engine vehicles for the first time in 2025. According to the Financial Times, this milestone will occur years ahead of Western competitors, as forecasts indicate that EV sales will reach approximately 13.4 million units by 2025, a significant increase from the 1.3 million sold in 2020. The country exported around 1.86 million new energy vehicles in the first 11 months of 2024, marking a 13% increase from the previous year. Overall auto exports from China exceeded 5.84 million, with 550,000 units exported last month. Moreover, Beijing's target for EVs to account for 50% of car sales by 2035 is now projected to be met a decade early, highlighting the rapid growth of the EV sector in China, which is anticipated to achieve over 12 million domestic sales by 2025, more than double the 5.9 million sold in 2022.