China’s electric car sales grow in 2024 as sales of gasoline cars plunge
BEIJING (AP) — Sales of all types of electric vehicles rose more than 40% in China last year, while those of gasoline-powered automobiles plunged, industry data showed Monday.
A total of 31.4 million vehicles including buses and trucks were sold last year in the world’s biggest market by sales, up 4.5% compared to a year earlier, the China Association of Automobile Manufacturers reported. Growth in sales outpaced production, which rose 3.7%.
China’s exports of passenger cars jumped almost 20% in 2024, to almost 5 million vehicles, contributing to a sharp rise in China’s overall exports.
Out of that, exports of what China calls “ new energy vehicles,” including pure battery EVs, fuel-cell cars and plug-in hybrids — electric vehicles with a small gasoline-powered engine to back up the batteries — reached 1.28 million. That was a 6.7% increase from 2023.
The expansion of Chinese EV makers overseas has alarmed automakers in the U.S. and Europe. The U.S. enacted a 100% tariff on China-made electric cars last year, and the European Union also hit China-based EV makers with new tariffs, saying the industry had benefited from unfair government subsidies.
Domestically, sales of passenger cars rose 13.6% in December, driven in part by rebates for trade-ins, raising sales of all passenger cars in China by 3.1% for the year, to 22.6 million.
Plug-in hybrids saw the most rapid growth in 2024, attracting a second generation of electric vehicle buyers who are nervous about buying pure EVs or looking for the more extended range that hybrids can provide.
The continued rapid expansion of China’s EV sales contrasts with the United States and Europe, where growth has slowed.
Sales of traditional gasoline and diesel-powered vehicles sank 17% in 2024, from 14 million to 11.6 million. They accounted for 51% of overall new car sales.
Sinking demand for fuel-powered cars has proven to be a harsh blow for foreign automakers such as Volkswagen AG and Nissan Motor Corp. that for years have counted on strong demand in China to burnish their bottom lines.
They are scrambling to develop electric vehicles for the Chinese market. Honda and Nissan recently announced plans to pursue a merger in part to meet the challenge of China’s rising EV makers.
—-
Soo reported from Hong Kong.