In December 2024, the Chinese automotive industry demonstrated robust growth, with electric vehicles (EVs) leading the surge. According to the China Association of Automobile Manufacturers (CAAM), car production rose by 18% year-on-year to 2.5 million units, while sales increased to 2.4 million units, marking a 20% year-on-year growth. Notably, EV sales accounted for a significant portion of the increase, reaching 1.2 million units, which is up 30% from the previous year. This growth in EV market is attributed to supportive government policies aimed at promoting sustainable transportation. Zhang Jianjun, an industry analyst, stated, “The shift in consumer preference towards electric vehicles combined with government incentives continues to drive production and sales numbers higher. It is evident that the future of the automotive industry in China is electric.” In addition, leading manufacturers such as BYD and Tesla have increased their market share, contributing to the industry’s overall expansion. The robust sales figures reflect a positive outlook for the automotive sector in 2025, despite challenges posed by global supply chain issues and semiconductor shortages. CAAM forecasts a potential production target of 30 million vehicles for the entire year, highlighting the ambitious growth trajectory of the industry. As China cements its status as a global leader in both traditional and electric vehicle manufacturing, stakeholders are optimistic about the upcoming year.
Chinese Auto Industry Sees Continued Growth in December 2024
