Views: 0 Author: Li Publish Time: 2025-01-23 Origin: Site
On January 17, the Ministry of Public Security in China released the latest statistics, revealing that by the end of 2024, the number of new energy vehicles (NEVs) in China had reached 31.4 million, making up 8.90% of the total automobile fleet. Out of these, pure electric vehicles numbered 22.09 million, representing 70.34% of the NEVs. In 2024, new registrations of electric vehicles stood at 11.25 million, accounting for 41.83% of all new car registrations. This marks an increase of 3.82 million vehicles from 2023, a growth rate of 51.49%. The rapid growth can be traced back to 2019 when only 1.2 million NEVs were registered, underlining a significant upward trajectory.
The backdrop to this surge of 12 million vehicles?
In 2024, the NEV sector saw significant acceleration, not only in vehicle retention but also in retail sales and market share. According to the China Association of Automobile Manufacturers, in 2024, the production and sales of new energy vehicles surpassed 12 million units, achieving 12.888 million and 12.866 million units respectively, reflecting year-on-year growth of 34.4% and 35.5%. The sales of new energy cars accounted for 40.9% of total new car sales, continuing to be a vital growth driver for the Chinese automobile industry. At a regular policy briefing held by the State Council’s Information Office on January 8, Zhao Chenxin, deputy director of the National Development and Reform Commission, stated that in 2024, the penetration rate of new energy passenger vehicles in the domestic market exceeded 50% for seven consecutive months starting from June.
Why is the electric car market breaking new ground with over 12 million production and sales?
Industry experts cite advancements in battery technology as a major catalyst for the swift development of electric vehicles. With the induction of high-energy-density lithium iron phosphate batteries, the cost of batteries has significantly decreased, enhancing their safety and lifespan advantages. Concurrently, diverse battery research and developments cater to different usage needs, and enhanced driving range fulfills more consumers' everyday travel requirements.
Supportive policies have further propelled the acceleration of electric cars. In recent years, both national and local governments have introduced a series of policies to speed up the transformation and upgrading of the automobile industry, promote consumption, encourage trade-in of old vehicles, and significantly increase subsidies for electric vehicles. In 2024, out of over 6.6 million old vehicles updated to new ones, the majority were replaced with NEVs or energy-efficient vehicles, and more than 60% of these were traded in for new electric vehicles.
Simultaneously, the gradual improvement of electric car infrastructure has mitigated consumers' "range anxiety." Wang Hongzhi, head of the National Energy Administration, recently declared that China has established over 12 million charging stations, with more than 95% of service areas on highways having charging capabilities. Building a high-quality charging infrastructure system has more effectively supported the growth of the electric vehicle industry.
The strategic drive toward carbon neutrality, along with the integration of transportation and energy development, further fuels the rapid rise of electric vehicles. These vehicles are pivotal in attaining the "dual carbon" targets. The sustained robust growth of electric vehicles, accelerated by the convergence of technologies across the energy, transportation, and telecommunications sectors, is fostering a green, low-carbon transformation throughout the automobile lifecycle.
Where Will Electric Cars Find New Growth in 2025?
Although 2024 showed a robust growth trend for new energy vehicles, industry insiders do not believe they will completely replace traditional cars soon. Currently, while the proportion of NEVs in the total car fleet has reached 8.90%, this is still a minority compared to traditional cars.
Experts project continued development in the electric vehicle sector in 2025. While a higher penetration rate for electric passenger vehicles may not see significant growth beyond the high levels of 2024, the focus might shift toward stability. They expect the market to remain at a steady pace, with new growth possibly coming from heavy-duty electric trucks and electric buses while maintaining a trend of increased exports.