Sales of electrified vehicles in China, which includes 100% electric and hybrid models, increased by 40.7% in 2024, year-on-year, according to data published this Thursday by the China Passenger Car Association (CPCA).
According to the data revealed by the CPCA, around 11 million hybrid or electric models were sold in the Chinese market last year. These models represent 47% of the nearly 23 million vehicles sold in China in 2024.
The Chinese market for electric and hybrid vehicles has been growing rapidly in recent years, benefiting from generous subsidies from the Beijing government.
The leading Chinese electric vehicle manufacturer, BYD, dominates nearly 40% of the market, with 4,272,145 vehicles sold in 2024, according to data published last week by the company.
However, the situation is less positive in the international market, where protectionist measures have increased in recent months, including in Europe, which has raised tariffs on imports of Chinese vehicles.
The giant BYD made only 12% of its sales in the external market in December, according to company data. This situation could worsen with the inauguration of the elected president of the United States, Donald Trump, at the end of January, who has promised to increase tariffs on Chinese imports.
