China's New Energy Vehicle Sales Rank First Worldwide for 8 Consecutive Years

Production and Sales Volumes at 7.06 Million and 6.89 Million Units Respectively
93% Increase from Previous Year...Domestic Market Share at 25.6%

China has maintained its position as the world's number one producer and seller of new energy vehicles (electric vehicles, hybrid vehicles, and hydrogen vehicles) for eight consecutive years. According to local media such as Caijing Network on the 28th, last year, the production and sales of new energy vehicles in China reached 7,058,000 and 6,887,000 units respectively, marking an increase of 96.9% and 93.4% compared to the previous year. The market share of new energy vehicles in the Chinese automobile market also rose by 12.1 percentage points to 25.6%, accounting for about 60% of global sales.

BYD's hybrid passenger car Qin model. Photo by Bloomberg

Pure electric vehicle (EV) sales were recorded at 5,365,000 units, an increase of 81.6% from the previous year, making up 78% of all new energy vehicles. Hybrid vehicle sales reached 1,518,000 units, a 150% increase from the previous year, most of which were domestic Chinese brands. The domestic market share of new energy vehicle sales reached 79.9%, up 5.4 percentage points from the previous year. Exports also increased by 120% to 679,000 units. Three Chinese companies ranked among the top 10 global new energy vehicle sellers, and six were included in the top 10 electric vehicle battery companies.

In response to these changes, the Ministry of Industry and Information Technology expanded the number of electric vehicle charging stations across China by 2,590,000 last year. Currently, there are 5,210,000 charging stations in operation. Additionally, 675 new battery swapping stations were established, increasing the total to 1,973.