China's electric car sales grow in 2024, as sales of gasoline cars plunge
Share:
Sales of all types of electric vehicles rose more than 40% in China last year, while those of gasoline-powered automobiles plunged, industry data showed Monday. A total of 31.4 million vehicles were sold last year in the world's biggest market by sales, up 4.5% compared from a year earlier, the China Association of Automobile Manufacturers reported. Growth in sales outpaced production, which rose 3.7%.
China's exports of passenger cars jumped almost 20% in 2024, to almost 5 million vehicles. Out of that, exports of what China calls “new energy vehicles,” including battery EVs, fuel-cell cars and plug-in hybrids -- electric vehicles with a small gasoline-powered engine to back up the batteries -- reached 1.28 million. That was a 6.7% increase from 2023.
Domestically, sales of passenger cars rose 13.6% in December, driven in part by rebates for trade-ins, raising sales of all passenger cars in China by 3.1% for the year, to 22.6 million. Sales of traditional gasoline and diesel-powered vehicles sank 17% in 2024, from 14 million to 11.6 million. They accounted for 51% of overall new car sales.
Plug-in hybrids saw the most rapid growth in 2024, attracting a second generation of electric vehicle buyers who are nervous about buying pure EVs or looking for the more extended range that hybrids can provide. Sinking demand for fuel-powered cars has proven to be a harsh blow for foreign automakers such as Volkswagen AG and Nissan Motor Corp. that for years have counted on strong demand in China to burnish their bottom lines.
