Record EV, hybrid sales help Chinese car market grow 5.3%
electric vehicles and plug-in hybrids in the world's largest auto market hit a record high amid a brutal price war and with subsidised trade-ins for greener vehicles driving purchases.
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The outstanding growth in China in a largely stalling global EV landscape spelled good fortune for local winners such as BYD, Geely and Xiaomi and expedited an industry shakeout in a competitive market.
It also benefited Tesla, whose China sales hit a record high in 2024, bucking an overall decline in the US EV giant's global sales.
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Other foreign automakers such as General Motors, Toyota and Volkswagen continued to lose ground to local rivals, with many of them struggling to sustain effective capacity usage at their Chinese plants.
Passenger vehicle sales were up 5.3% to 23.1 million units in 2024 for the fourth straight year of growth, in line with the 2023 pace, according to the China Passenger Car Association .
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