Latest China EV News and Updates

According to the latest China EV news reports, In November 2024, China’s electric vehicle sales continued to soar reaching 1.29 million units in September, a 42.3% year-over-year increase with NEVs now comprising 51.8% of total vehicle sales.

As of November 2024, China’s electric vehicle production has surpassed 10 million units for the first time. Total manufacturing capacity stands at 40 million vehicles per year, while sales hover around 22 million units.

In the first ten months of 2024, approximately 9.75 million EVs were sold, a 34% increase from the previous year.

In October alone, NEV sales reached a record 1.43 million units contributing to a year-to-date total of nearly 10 million NEVs produced.

The production of battery electric vehicles and plug-in hybrid electric vehicles has also shown growth with PHEVs experiencing a 80.73% increase year-on-year.

China is in the lead in the global EV market with the country accounting for approximately 60% of all plug-in vehicle sales in 2024.

Chinese EV manufacturers face challenges from international competitors like Tesla. In response, local manufacturers are enhancing their own autonomous driving capabilities to maintain competitiveness.

Analysts predict that China’s annual NEV production could exceed 12 million units by the end of 2024.

According to the latest China EV news reports, the China Association of Automobile Manufacturers estimates that total NEV sales will reach approximately 11.5 million units by the end of the year, a 21% increase from the 9.495 million units sold in 2023.

In October 2024, NEV wholesale sales hit a record 1.4 million units, a 58% year-on-year increase and a 14% rise from September. This follows a record-breaking September, where 1.287 million NEVs were sold, up over 42% from the previous year.

CAAM reports that NEV penetration in the overall vehicle market is projected to reach 40% by the end of 2024.

New EV Model Launches by Chinese Companies (November 2024), As of China EV News Reports

On November 7, Xpeng officially launched the P7+, a new electric sedan that quickly gained interest, receiving over 31,500 orders within three hours of its release.

BYD celebrated an achievement by producing its 10 millionth new energy vehicle on November 15, 2024.

Nio is preparing to unveil a new sub-brand codenamed Firefly, during its Nio Day event scheduled for December 21, 2024. This new line will target the budget segment with pricing between RMB 100,000 and RMB 200,000.

Xpeng introduced the Kunpeng Super Electric System, an extended-range charging system designed for hybrid vehicles.

Top Companies in China’s Electric Vehicle Market (November 2024), As of China EV News Reports

BYD dominating the Chinese NEV market with a 35% share in 2023, BYD sold over 3 million new energy vehicles that year including both battery electric vehicles and plug-in hybrids.

Tesla is holding the second position with a 7.8% market share, Tesla sold approximately 603,664 units in China in 2023. The company focuses on premium electric vehicles and has established a strong presence through its Shanghai Gigafactory.

GAC Aion: Ranking third, GAC Aion achieved retail sales of around 483,632 units, a 6.3% market share. All models from GAC Aion are BEVs.

According to the latest China EV news reports, Li Auto ranked seventh with retail sales of 376,030 units and a 4.9% market share in 2023. The company has gained traction by offering vehicles that combine electric driving with gasoline backup.

Although Nio ranks ninth with a 2.1% share of the market and sales of 160,038 units, it is known for its premium BEVs and battery swap technology.

Geely sold around 145,791 units globally in reports and continues to innovate through partnerships with brands like Volvo.

SAIC produces a wide range of vehicles under various brands including MG and Wuling. The company is heavily invested in electric mobility and ranks among the top three in NEV sales.

Leapmotor is an emerging player ranked tenth in the NEV market with sales of 144,155 units.

China EV Expansion into Global Markets and Regulations (November 2024), As of China EV News Reports

In August 2024, China exceeding 1 million EV sales in a single month. This figure includes both battery electric vehicles and plug-in hybrid electric vehicles with BEVs alone accounting for over 30% of total vehicle sales in that month.

By September 2024, the trend continued with 1.29 million NEV sales, a 42.3% year-over-year increase. Overall, projections show that China could reach 12 million total EV sales by the end of 2024.

China accounting for approximately 60% of all plug-in vehicle sales this year. The growth is not limited to domestic sales, international demand is also rising.

According to the latest China EV news reports, In August 2024, China exported 99,000 NEVs, a 23.7% increase year-over-year. This trend highlights China’s focus on expanding its footprint in markets such as Brazil and Thailand, where Chinese brands have captured huge market shares, 76% in Brazil and 77% in Thailand.

Chinese EV manufacturers face challenges from increased tariffs in markets like the US and Europe due to concerns over unfair subsidies.

The International Energy Agency projects that by 2030, electric vehicles could make up 50% of global car sales.

China’s EV sales are projected to reach approximately 10 million units by the end of 2024. This projection aligns with the expectation that sales will grow by one-third year-on-year compared to 2023.

The market share of new energy vehicles is expected to reach around 46% of total passenger vehicle sales in China for 2024 up from 36% in 2023.

Sales of battery electric vehicles are projected to continue rising, although at a slower pace compared to PHEVs. In the first half of 2024, BEV sales reached about 3.02 million units with expectations for further increases as demand rebounds after previous declines.

Plug-in hybrid electric vehicles are expected to maintain growth, having surged by approximately 85% year-over-year in early 2024.

In July 2024, the Chinese government announced an increase in cash subsidies for consumers purchasing electric vehicles. The subsidy was raised from 10,000 yuan to 20,000 yuan for those replacing conventional vehicles with EVs.

China continues to implement its dual-credit system, which mandates that automakers produce a certain percentage of electric vehicles in their fleets.

Although the central government eliminated direct subsidies at the end of 2022, it has maintained an exemption from a 10% sales tax on EV purchases. This exemption is set to phase out by 2027.

Reports show that prices for many electric vehicles have dropped by an average of 10% in early 2024 due to fierce competition initiated by major players like BYD.

According to the latest China EV news reports, the Chinese electric vehicle market is projected to grow huge, with estimates suggesting an increase in sales by 106.2% annually reaching approximately $506.9 billion by the end of 2024.

Electric vehicles are exempt from a 10% sales tax, which can save consumers thousands of yuan. This tax exemption has been extended until at least 2027.

The Chinese government actively promotes the development of EV charging stations as part of its national policy. Targets have been set for the construction of charging facilities with huge investments made to ensure access. As of now, China has over 800,000 public charging stations.

China EV Startups November 2024, As of China EV News Reports

DeepRoute: This autonomous driving startup secured $100 million in Series C1 funding from Great Wall Motor. This investment will support the development of their smart driving solutions.

Edrive Space: Although specific funding details for November were not listed, Edrive Space completed a Series B funding round in October 2024.

Kusa Technology: This startup raised approximately $1.1 million in seed funding in October 2024.

According to the latest China EV news reports, China’s electric vehicle production has reached a milestone of 10 million units as of November 14, 2024. This shows a 34% year-on-year increase in deliveries with 9.75 million units sold in the first ten months of the year.

China EV Expansion into Global Markets and Regulations (November 2024), As of China EV News Reports

The International Energy Agency has projected that by 2030, 70% of new car sales in China will be electric, which could displace up to 6 million barrels per day of oil demand globally.

Chinese EV manufacturers are competing on technological fronts particularly in semiconductor-driven features such as driver-assist systems.

In September 2024, China’s EV sales reached an all-time high of 1.29 million units, a 42.3% increase year-over-year. EVs now account for 51.8% of total vehicle sales.

As of August 2024, more than half of all vehicle sales in China were new energy vehicles, with BEVs leading the market. Canada has imposed a 100% tariff on Chinese-made EVs.

The China electric vehicle market is projected to grow with estimates suggesting an increase of USD 421.9 billion at a compound annual growth rate of 20.44% from 2023 to 2028.

In August 2024, NEVs accounted for 53.8% of total passenger vehicle sales in China, up from 51.1% in July. Sales of PHEVs nearly doubled in Q2 2024 compared to the same period last year.

According to the latest China EV news reports, Plans are underway to build enough charging stations for 20 million electric vehicles by 2025.

China exported 99,000 NEVs in August 2024, a 23.7% increase year-over-year.