China Daily reported on March 4, 2024, quoting an expert from the Chinese Academy of Sciences, that China’s electric vehicle market share will reach 40% in 2024 and close to 50% in 2025. This means that electric vehicle sales in China reached 9.49 million units in 2023, with a market share of 31.6%, and will expand by about 10 %p each year until 2025. However, the media predicted that the growth of plug-in hybrid electric vehicles (PHEV), including extended range electric vehicles (EREV), is expected to be higher than that of battery electric vehicles (BEV).
According to China Passenger Car Association statistics, PHEV sales were only 170,000 units in 2020 but surged to 1.91 million units in 2023. For instance, the sales of Huawei’s AITO brand PHEV and Li Auto’s EREV increased dramatically from 30,000 to 690,000 units during the same period. Li Auto’s sales in 2023 increased by 182% to 370,000 units. Li Auto sales are expected to grow significantly this year, reaching 800,000 units. Furthermore, annual electric vehicle sales in China are expected to reach 20 million units in 2030, accounting for a whopping 70% of total new vehicle sales.
In the process, smart functions are expected to become an important point of differentiation to secure competitiveness..
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