China's Vehicle Sales Soar in 2024

According to the China Association of Automobile Manufacturers (CAAM), the country witnessed a significant 4.5% increase in vehicle sales in 2024, totaling 31.43 million units. This growth reflects the robust demand and the dynamic nature of China's automotive market.

December Sales Break Records

December 2024 saw an impressive surge in sales, with 3.489 million vehicles sold, marking a 5.2% increase from November and a 10.5% rise compared to December 2023. This exceptional performance underscores the market's resilience and potential for growth.

New Energy Vehicles Lead the Charge

New energy vehicles (NEVs) experienced a remarkable 35.5% growth in sales throughout 2024, reaching 12.86 million units. In December alone, 1.596 million NEVs were sold, a 34% increase year-on-year, accounting for 45% of total vehicle sales for the month.