China Passenger Car Association: New energy vehicle sales in December 2024 are expected to be approximately 1.293 million units, a year-on-year increase of 45.2%.

Recently, the China Automobile Dealers Association announced the December 2024 New Energy Vehicle Industry Monthly Report. The report shows that in December, the sales volume of passenger cars was 2.762 million units, a year-on-year increase of 9.2%; the sales volume of new energy vehicles was approximately 1.293 million units, a year-on-year increase of 45.2%, performing significantly better than the overall market. Among them, the sales volume of pure electric vehicles was approximately 772,000 units, a year-on-year increase of 39.5% and a month-on-month increase of 2.6%; the sales volume of plug-in hybrid vehicles was approximately 521,000 units, a year-on-year increase of 54.6% and a month-on-month increase of 6.3%. Overall performance of the passenger car market In December, the sales volume of new energy vehicles accounted for 46.8% of total passenger car sales, an increase of 11.6% compared to the same period last year. Overall performance of the new energy market The cumulative sales volume of new energy vehicles in 2024 was 10.748 million units, a cumulative year-on-year increase of 47.1%. TOP10 cities for sales of new energy passenger cars In December, the sales volume of the TOP10 cities accounted for 24.6%, an increase of 1.3% compared to the previous month (23.3%); the TOP3 cities were Shanghai, Shenzhen, and Hangzhou; Dongguan replaced Tianjin on the list. In terms of fuel type, except for Shenzhen and Xi'an, most of the sales in the TOP10 cities were pure electric; in terms of ownership, individuals were the majority. The TOP3 cities with the highest penetration rates of new energy this month were Shenzhen (60.3%), Hangzhou (57.9%), and Xi'an (56.5%); the city with the lowest penetration rate was Dongguan (43.9%). Analysis of the pure electric submarket In December, the TOP3 submarkets for pure electric vehicles were B-SUV (17.2%), A0 level (16.4%), and A00 level (13.8%). Compared to the previous month, the market share of B-SUV increased relatively much (+2.6%), mainly driven by the growth of the submarket led by MODELY (domestic); the market share of A0 level decreased relatively much (-2.0%). Compared to the same period last year, the market share of the C-level market increased from 4.7% to 9.6%, while the market share of the A-level market decreased from 14.6% to 8.5%. Analysis of ownership in the pure electric market In December, individual users accounted for 81.9% of the pure electric market; a year-on-year increase of 47.5%; corporate users accounted for 10.8%, a year-on-year increase of 25.9%. Overall, individual users accounted for 81.5% of the pure electric market, while corporate users accounted for 11.0%.