New report shows one type of vehicle outselling all others in China: 'A reflection of the current situation'
According to the China Association for Automobile Manufacturers, 31.4 million vehicles were sold in the world's largest automobile market in 2024, representing an increase of 4.5% from the previous year.
In turn, the sales of traditional gasoline and diesel-powered vehicles went down 17% in 2024 to only 11.6 million and accounted for 51% of overall new car sales.
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Chinese passenger car exports also increased by 20% in 2024, and 1.28 million of those exports represent what Chinese automakers have described as "new energy vehicles," including pure battery EVs, fuel-cell cars, and plug-in hybrids. That represents a 6.7% increase from 2023.
It's got American and European automakers scrambling. The United States announced a 100% tariff on all China-made electric cars last year in response, as did the European Union, claiming that the country's industry benefited from unfair government subsidies.
In reality, these rebates encouraged greater passenger car sales in China, which rose by 13.6% to 22.6 million in December 2024. More EVs on the road can help lessen the impact of Chinese air pollution domestically and globally while saving consumers money.
China has been investing in more EV technology over the years to expand the industry beyond passenger vehicles.
"Higher-end consumers have started to abandon foreign brands and are turning to comparatively better-priced high-end domestic cars," said Tai Chih-yen, an associate researcher at the Chung-Hua Institution for Economic Research, in an interview.
"This is not a so-called consumption downgrade, but more a reflection of the current situation, where many are choosing to be more discreet [in the kinds of cars they drive] and show their patriotism by driving domestic luxury brands."
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