China’s electric car sales to grow by 2024 as gasoline car sales decline

BEIJING (AP) – Sales of all kinds Electric vehicles Sales in China rose more than 40% last year, while gasoline-powered automobiles fell, industry data showed Monday.

A total of 31.4 million vehicles, including buses and trucks, were sold in the world’s largest market last year, up 4.5% from a year earlier, according to the China Association of Automobile Manufacturers. Sales growth outpaced production, which grew by 3.7 percent.

China exported passenger cars in 2010. By 2024, it will be almost 20 percent and jump to about 5 million vehicles It has increased significantly in China’s total exports..

Exporting what is called China New energy vehiclesElectric vehicles with small gasoline-powered engines — including pure battery EVs, fuel-cell cars and plug-in hybrids — accounted for 1.28 million batteries. It shows an increase of 6.7 percent from 2023.

The expansion of Chinese EV makers abroad has alarmed automakers in the US and Europe. US Charged 100% tariff. Last year, the EU slapped China-based EV makers with new tariffs on electric cars, saying the industry has benefited from unfair government subsidies.

Domestically, sales of passenger cars rose 13.6 percent in December, driven in part by Business-income discountsIncrease the sales of all passenger cars in China by 3.1% annually to 22.6 million.

Plug-in hybrids will see the fastest growth in 2024, attracting second-generation electric vehicle buyers who are concerned about buying pure EVs or who want the more extended range that hybrids can offer.

The continued rapid expansion of China’s EV sales contrasts with the US and Europe. Growth slowed.

Sales of traditional gasoline and diesel-powered vehicles will drop 17 percent in 2024, from 14 million to 11.6 million. They account for 51 percent of all new car sales.

It has been proven that the decline in demand for gasoline-powered cars is a serious injury Foreign car manufacturers The likes of Volkswagen AG and Nissan Motor Co. have for years been seen as keen to burnish their bottom lines in China.

They are racing to develop electric vehicles for the Chinese market. Honda and Nissan recently announced He plans to pursue the merger Partly to counter the challenge of Chinese EV makers.

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Soo reports from Hong Kong.