Sales of electric and hybrid cars in China hit a record 10.899 million units in 2024, marking a 40.7% increase from the previous year, according to the China Federation of Personal Car Manufacturers (CPCA) . These vehicles now represent 47.6% of total car sales in the country.
The rapid growth of the market, supported by government subsidies, is coupled with a price war between domestic manufacturers such as BYD, SAIC Motor and XPeng, which lowered prices on more than 200 models last year.
However, Chinese exports, although up 25% in 2024, face increased pressure due to high tariffs imposed by the European Union and North America. BYD, the sector leader, achieved only 12% of its sales internationally in December.
