China's NEV sales, including exports, are expected to reach about 16.5 million units in 2025, with a penetration rate of more than 50 percent, a think tank expert said.
China's new energy vehicle (NEV) sales are expected to continue to grow strongly in 2025, according to a think tank.
Optimistically, China's NEV sales, including exports, are expected to reach about 16.5 million units in 2025, Zhang Yongwei, vice-chairman and secretary-general of the think tank China EV100, said at a media conference today.
That represents a year-on-year growth rate of nearly 30 percent and a penetration rate of more than 50 percent, Zhang said.
In the domestic market, NEV sales are expected to reach 15 million units, with a penetration rate of more than 55 percent, he said.
Including internal combustion engine vehicles, China's car sales are expected to reach about 32 million units in 2025 as a whole, with domestic sales of about 26 million units, representing a year-on-year growth rate of 3 percent, Zhang said.
In 2023, domestic retail sales of NEVs in China amounted to 7.75 million units, a year-on-year growth of 36.88 percent, according to China Passenger Car Association (CPCA).
NEVs contribute 35.7 percent of China's 2023 passenger vehicle retail sales.
Earlier this month, the CPCA released estimates showing China's retail sales of NEVs at a record 1.4 million units in December, marking the fifth consecutive month of more than 1 million units.
That means domestic retail sales of NEVs in China are expected to reach 11 million units for the whole of 2024, up 42 percent year-on-year, CnEVPost calculations show.
This year, government subsidies for new car purchases through trade-ins of old vehicles have played a big role in boosting auto consumption.
At the end of April, China began offering trade-in subsidies of up to RMB 10,000 ($1,370) for car purchases as part of an effort to boost consumption.
The policy was updated at the end of July, with the subsidy amount raised from RMB 10,000 to as much as RMB 20,000.
As of December 13, more than 5.2 million vehicles had been sold that took advantage of the trade-in subsidies, according to China's Ministry of Commerce.
($1 = RMB 7.2991)
BYD expands promotion to cover Song Pro DM-i, Qin Plus EV
