EV Industry

China's BEV ownership stood at 22.09 million units at the end of December, accounting for 70.34 percent of the total 31.4 million NEVs.

Retail and wholesale sales of passenger NEVs in China fell sharply in the January 1-12 period compared to the same period last month.

For the full year of 2024, China's NEV sales amounted to 12.866 million units, contributing 40.9 percent of the total vehicle sales of 31.436 million units.

Shenzhen produced 2,935,300 NEVs in 2024, a local official said.

China's retail penetration of NEVs stood at 49.4 percent in December, marking the fourth consecutive month of decline and the first time since June that the penetration rate has fallen below 50 percent.

China's NEV retail penetration was 52.6 percent in December and 47.97 percent in 2024, according to preliminary CPCA data.

China's auto market saw 227 models with price cuts in 2024, more than 148 in 2023 and significantly higher than 95 in 2022, according to CPCA secretary-general.

China's new energy vehicle (NEV) sales hit a record high in December 2024, with wholesale sales estimated at 1.5 million units, a 35% year-on-year increase. This marked the fifth consecutive month exceeding 1 million units, with NEV penetration surpassing 50%. Major contributors included BYD, Geely, SAIC-GM-Wuling, Chery, and Tesla China. Government trade-in subsidies, doubled in July 2024, significantly boosted sales, with millions of applications filed. NEVs, including BEVs, PHEVs, and fuel cell vehicles, dominated the market, supported by policies favoring entry-level models. The auto market remained robust, driven by sustained consumer demand and supportive measures.

Lotus CEO called the move a major brand revival milestone and said the brand sold more than 2,000 units worldwide in December.

This is the first time Rox Motor has announced delivery figures, saying it is the sixth consecutive month of sequential growth.