The electric vehicle (EV) market in China closed out 2024 on a high note, with impressive growth and competition among top carmakers. According to data from EV Volumes, a total of 11.2 million battery-electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) were registered in China in 2024, marking a 38.2% increase from the previous year.
While BEVs continued to dominate the market, their share decreased to 56.6% of all electric vehicle registrations, a 10.1 percentage point drop from 2023. On the other hand, PHEVs saw a significant increase in market share, rising from 33.3% to 43.4% over the same period.
In December 2024, EV registrations grew by 33.6%, with 1.33 million units delivered. BEVs accounted for 56.6% of this total, while PHEVs captured 43.4% of the market share. The narrowing gap between the two technologies raises questions about the future of the Chinese EV market in 2025.
Leading the pack in 2024 was BYD, with a total of 3.52 million EV deliveries and a 31.4% market share. Wuling followed in second place with 673,279 deliveries, while Tesla secured third place with 659,012 deliveries. Li Auto and Geely rounded out the top five carmakers in China’s EV market.
However, not all carmakers fared well in 2024. Aion struggled, posting a volume loss and a decline in market share. Despite this, the overall growth in the Chinese EV market was evident, with several brands showing significant improvements in their performance.
In December 2024, BYD continued to lead the market with 376,248 registrations, followed by Wuling and Tesla. Geely and Li Auto also saw strong performances in the final month of the year, further solidifying their positions in the EV market.
Overall, the Chinese EV market in 2024 showcased both success and challenges for carmakers. As the industry continues to evolve and grow, it will be interesting to see how competition shapes the landscape in the coming year. With a focus on innovation and sustainability, the future of electric vehicles in China looks promising.
