CPCA

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.

Cumulative retail sales of passenger NEVs in China so far this year totaled 10.41 million units, up 43 percent from a year earlier.

The CPCA expects China's retail sales of NEVs to reach 1.4 million units in December, the fifth consecutive month above 1 million units.

Retail sales of all passenger vehicles in China totaled 1,083,000 units in the December 1-15 period, up 14 percent from the same period last month.

China's retail sales of all passenger vehicles in December 1-8 were 502,000 units, up 11 percent from the same period last month.

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.

Retail sales of NEVs in China exceeded 1 million for the fourth consecutive month in November, although penetration declined sequentially for the third time in a row.

China's retail penetration of NEVs was 52.2 percent in November and 47.36 percent year-to-date.

This is the fifth time that China's monthly NEV wholesale sales have exceeded 1 million units.