Forecasts provided by the China Association of Automobile Manufacturers (CAAM) showed that Chinese car exports will grow by 5.8% to 6.2 million units in 2025, following a 19.3% increase in 2024.
CAAM added that exports of electric vehicles will fall 10.4% in 2024, following an 80.9% increase in 2023. This indicates the impact of additional duties on Chinese electric vehicles imposed by the European Union at the end of October. Meanwhile, plug-in hybrid exports were up 190% compared to 47.8% in 2023.
Separate data from CAAM showed that in December, car sales increased by 10.5% per annum, to 3.489 million units, after rising by 11.7% in November. This was the third increase in a row. New energy vehicles (NEV) soared by 34% in December to a new record high of 1.596 million units For the full year 2024, total vehicle sales increased by 4.5% to 31.436 million units, after increasing by 12% in 2023. Domestic NEV sales surged by 39.7% in 2024, with total NEV sales rising 35.5% to 12.866 million units, contributing 40.9% of total sales. According to CAAM forecasts, car sales will grow by 4.7% to 32.9 million units in 2025, following a 4.5% increase in 2024. The association expects a slowdown in sales growth for new energy vehicles (NEVs) that include EVs and plug-in hybrids to 24.4% in 2025 from 35.5% last year.