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China's EV Dominance: 12.4 Million Cars Produced in 2024

11/21/2025

38 3 Full Breakdown

Summary

Story summary

People's Republic of China dominates the global EV market, producing more than 70% of the world's EVs.
In 2024, China manufactured 12.4 million electric cars and exported 1.25 million.
Exports go mainly to emerging markets because tariffs in the United States and Canada are prohibitive.
Brazil and South Africa welcome Chinese EVs, while the United States faces BYD’s lower-priced models.
Electric heavy trucks account for 28% of new sales in 2025.

History

Historical Context

China's electric vehicle (EV) industry has rapidly evolved since the 2000s, driven by government policies promoting new energy vehicles. By 2024, China produced 12.87 million EVs, dominating over 70% of global output. This shift parallels the post-2008 financial crisis, which reshaped global trade dynamics, positioning Chinese manufacturers as key players in the EV market and challenging traditional automotive powers.

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Story summary

People's Republic of China dominates the global EV market, producing more than 70% of the world's EVs.
In 2024, China manufactured 12.4 million electric cars and exported 1.25 million.
Exports go mainly to emerging markets because tariffs in the United States and Canada are prohibitive.
Brazil and South Africa welcome Chinese EVs, while the United States faces BYD’s lower-priced models.
Electric heavy trucks account for 28% of new sales in 2025.

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