China’s electric vehicle (EV) market is expected to witness a pivotal shift in 2024, as EV sales outpace those of traditional internal combustion engine (ICE) cars for the first time, according to data from multiple industry sources including UBS, HSBC, Morningstar, and Wood Mackenzie.
The projected annual sales of EVs, forecast to exceed 12 million units by 2025, mark a significant leap from the 5.9 million recorded in 2022 and underscore China’s rapid transition toward cleaner and more advanced mobility solutions.
Near-Doubling of EV Sales
The reports indicate that China’s EV sector will continue to grow robustly—by around 20% year-on-year by 2025, and nearly 40% in 2024 alone—driven by government incentives, ongoing technological innovation, and shifting consumer preferences.
This expansion is expected to elevate total EV sales to over 12 million units by 2025, more than double the 2022 figure.
In contrast, sales of traditional ICE vehicles are anticipated to s...
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