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China's Auto Sales Surge 4.5%, NEVs Top 12 Million

1/15/2025

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Summary

Story summary

In 2024, China's automobile production and sales hit 31.28 million and 31.44 million units, reflecting year-on-year growth of 3.7% and 4.5%.
New energy vehicles (NEVs) exceeded 12 million units, representing over 40% of total sales.
Passenger car exports increased by nearly 20%, reaching almost 5 million vehicles.
The auto industry faces challenges, including weak consumer confidence and external pressures.

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Story summary

In 2024, China's automobile production and sales hit 31.28 million and 31.44 million units, reflecting year-on-year growth of 3.7% and 4.5%.
New energy vehicles (NEVs) exceeded 12 million units, representing over 40% of total sales.
Passenger car exports increased by nearly 20%, reaching almost 5 million vehicles.
The auto industry faces challenges, including weak consumer confidence and external pressures.