China's electric and hybrid vehicle sales jump 40.7% in 2024

Beijing: Sales of electric and hybrid vehicles jumped more than 40 percent in China last year, as demand for new energy models continues to surge and...

Beijing: Sales of electric and hybrid vehicles jumped more than 40 percent in China last year, as demand for new energy models continues to surge and the sector remains entrenched in a gruelling price war.

The Chinese electric vehicle market has witnessed explosive growth in recent years, driven in part by generous subsidies from Beijing.

But the world's largest automotive market has also seen fierce competition among domestic car manufacturers as a consumption slowdown fuels a price war that is weighing on profitability

In 2024, almost 11 million new energy vehicles (NEVs) were sold, a year-on-year increase of 40.7 percent, the China Passenger Car Association (CPCA) said Thursday.

NEVs accounted for nearly half -- 47.6 percent -- of all retail sales last year, the association said.