This was announced at the Global EV Outlook 2024 conference. It is estimated that total electric car sales in China will reach 17 million units by the end of 2024.
More than 60 percent of electric vehicles sold in China last year were cheaper than conventional internal combustion engine vehicles, while in the U.S. electric vehicles cost an average of 10 percent to 50 percent more.
In 2024, the share of electric vehicles in the Chinese market reached 45%; This rate is considerably higher than Europe (25%) and the USA (11%).
The industry’s significant growth in China is driven by intense competition among automakers, falling battery costs and strong government support. In 2023, global electric vehicle sales increased by 14%, reaching 14 million units, accounting for 18% of the total vehicles sold.
Source: Ferra
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