• Electric vehicle sales in China soared over 40% in 2024.
• Sales of gasoline-powered vehicles declined by 17% during the same period.
• Total vehicle sales in China reached 31.4 million, marking a 4.5% increase from the previous year.
• Exports of electric vehicles rose, with new energy vehicles (NEVs) accounting for a significant portion.
• Foreign automakers are adapting to the shift in demand towards electric vehicles.

In a remarkable shift within the automotive landscape, China's electric vehicle (EV) sales surged by more than 40% in 2024, while traditional gasoline-powered car sales plummeted, revealing evolving consumer preferences. According to industry data released by the (AP News), the total number of vehicles sold in China reached 31.4 million last year, a substantial increase of 4.5% compared to 2023. Notably, this growth outpaced the 3.7% rise in production, highlighting an energetic market response to electric vehicle options.

Exports of passenger cars from China saw an impressive jump nearly 20%, totaling almost 5 million vehicles, with new energy vehicles (NEVs), including battery EVs, fuel-cell cars, and plug-in hybrids, contributing significantly to this figure. In fact, NEV exports rose by 6.7%, reaching 1.28 million units. Domestically, the demand for passenger cars also grew, with a particularly strong December boosting annual sales by 3.1%, resulting in a total of 22.6 million sold, partially due to enticing trade-in rebates.

Conversely, sales of gasoline and diesel vehicles fell sharply by 17%, from 14 million units to 11.6 million, making up just 51% of new car sales. This decline has posed challenges for foreign automakers such as Volkswagen AG and Nissan, leading them to pivot towards developing electric vehicle lines to remain competitive. Honda and Nissan recently announced plans for a merger, partially in response to these challenges from the rapidly expanding Chinese EV market. Notably, this acceleration of electric vehicle sales in China stands in stark contrast to the slowing growth rates seen in the United States and Europe.

For more details, visit the original articles from (India Times) and (AP News).