China NEV Market

China has maintained its position as the world's top producer and seller of NEVs for ten consecutive years.

China has released an automotive industry growth stabilization plan aimed at achieving key economic development goals for the sector.

In the first quarter, China imported 8,870 vehicles from the US, a 66 percent year-on-year decline.

BEVs contributed 27.61 percent of China's passenger car retail sales in 2024.

Chinese NEVs are about 3-5 years ahead of the rest of the globe, said BYD's Wang Chuanfu, calling for a more open world.

Deutsche Bank analysts expect the subsidies to drive full-year demand growth of 3 million units in 2025 and support double-digit growth in the second and third quarters.

China's NEV sales, including exports, are expected to reach about 16.5 million units in 2025, with a penetration rate of more than 50 percent, a think tank expert said.

In the January-November period, BYD ranked first in China's NEV market with a 34.5 percent share, while Tesla ranked third with a 6.0 percent share.

BYD is asking some of its passenger car suppliers to lower their parts quotes, as it expects competition in the NEV market to be fiercer in 2025.

China's NEV production for the full year 2024 is expected to exceed 12 million units.