China’s new energy vehicle (NEV) sales in December 2024 reached a record high of 1.596 million units, marking the fourth consecutive month of record highs. This surge in sales can be attributed to consumers taking advantage of the end-of-year car-buying season. The data released by the China Association of Automobile Manufacturers (CAAM) revealed that NEV sales in December increased by 34 percent year-on-year and by 5.56 percent from November.
The CAAM’s NEV sales include wholesale figures for automakers, encompassing both domestic sales in China and exports to overseas markets. The types of NEVs included in these sales figures are battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel-cell vehicles.
In December, BEV sales totaled 973,000 units, marking the third consecutive month of record highs with a 17.9 percent increase year-on-year and a 7.2 percent increase from November. PHEV sales also saw significant growth, reaching 622,000 units in December, up 70.9 percent year-on-year and 3.0 percent from November.
Overall vehicle sales in China for December amounted to 3,489,000 units, showing a 10.6 percent increase year-on-year and a 5.2 percent increase from November. NEVs accounted for 45.7 percent of total vehicle sales in December, a notable increase from the previous year.
Domestic NEV sales in China for December stood at 1,463,000 units, setting a new record for the fourth consecutive month. This represented a 35.5 percent increase year-on-year and a 2.4 percent increase from November. Additionally, 504,000 vehicles were exported from China in December, with NEV exports totaling 134,000 units, marking a 19.8 percent increase year-on-year and a 60.7 percent increase from November.
Looking back at the full year of 2024, China’s NEV sales amounted to 12.866 million units, contributing 40.9 percent of all vehicle sales totaling 31.436 million units. Domestic NEV sales in 2024 reached 11.582 million units, marking a 39.7 percent increase year-on-year, while NEV exports for the year reached 1.284 million units, up by 6.7 percent compared to the previous year.
As for the outlook for 2025, CAAM predicts that China’s vehicle sales will reach 32.9 million units, with NEV sales projected to reach 16 million units, representing a 24.4 percent increase year-on-year. These figures indicate a continued upward trend in the demand for NEVs in the Chinese market.
