BYD’s 10 millionth NEV rolling off the line (Source: BYD)

  The China Association of Automobile Manufacturers (CAAM) announced on January 13, 2025, that 2024 vehicle sales volumes in China increased 4.5% compared to 2023, to 31.436 million units. Of this total, passenger car sales increased 5.8% year-over-year (y/y) to 27.563 million units and commercial vehicle sales increased 3.9% y/y to 3.873 million units. Sales of New Energy Vehicles (NEVs: BEVs, PHEVs, FCEVs) grew 35.5% y/y to 12.866 million units, accounting for a 40.9% share of the market.

  This report presents the significant trends and activities of Chinese and foreign automakers in the Chinese market in the fourth quarter (Q4) of 2024.

  Chinese OEMs continue to accelerate development in the field of intelligent technology. BYD announced that it will invest CNY 100 billion to develop intelligent technology, FAW Hongqi announced a new intelligent platform, and Chery announced a high-end intelligent driving technology scheme. Changan Automobile, the GAC Group, and Great Wall Motor will all deepen their partnerships with Huawei in the intelligent technology field.

  Among the major foreign automakers, Audi's NEV plant has begun operations in Changchun, Jilin Province. In addition, Honda's NEV plants began operations in Wuhan and Guangzhou. Dongfeng Nissan will enter into a comprehensive partnership with Huawei's Harmony cockpit brand. Mercedes-Benz announced that it is building a fast-charging brand with BMW.

  As for government policies, the Ministry of Finance of China released a Notice on the further clarification of the procurement proportion requirement of New Energy Vehicles by the government, which requires that, in principle, the proportion of NEVs among official vehicles procured annually be at least 30%.

Related reports:
SAE China 2024: Smart Cars (Jan. 2025)
SAE China 2024: New Energy Vehicles (Dec. 2024)
Chinese Market Q3 2024 (Nov. 2024)
Chinese Market H1 2024: New Vehicle Sales Exceed 14M Units, NEVs 4.9M (Aug. 2024)
Chinese Market Q2 2024 (Aug.2024)
Chinese Market Q1 2024 (May. 2024)