According to reports from AFP and others on the 9th, sales of eco-friendly vehicles (electric vehicles, hybrid vehicles, hydrogen vehicles) in China increased by 41% compared to the previous year, reaching an all-time high. While the electric vehicle industry outside China is experiencing a chasm (a temporary stagnation in demand for a growing industry) due to high interest rates and charging infrastructure limitations, China alone has continued its growth.
According to the China Passenger Car Association (CPCA), last year, passenger car sales in China reached 23.1 million units, a 5.3% increase from the previous year, marking four consecutive years of growth. Among these, sales of eco-friendly vehicles surged by 40.7% to 10.899 million units. New energy vehicles accounted for nearly half, 47.6%, of total passenger car sales last year.
Sales of eco-friendly vehicles last month reached 1.302 million units, a 37.5% increase compared to the same period last year, exceeding one million units for five consecutive months. Last year, the government provided subsidies of 20,000 yuan (approximately 4 million KRW) per electric vehicle, benefiting 6.6 million vehicles. More than 60% of the vehicle trade-in subsidies paid last year were given to eco-friendly vehicles. The Chinese government has decided to further increase the intensity and scope of consumer goods trade-in support this year to expand domestic consumption.
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