The Rise of Chinese Auto Industry: A Comprehensive Overview

According to a report by the China Automobile Manufacturers Association (CAAM), China’s automobile industry produced 31.282 million vehicles in 2024, an increase of 3.7% from the previous year. Sales also reached 31.436 million vehicles, a growth of 4.5% year-on-year.

The export volume of China’s automobile industry reached 5.859 million vehicles, a 19.3% increase compared to 2023.

For new energy vehicles from Chinese brands, production and sales in 2024 reached 12.888 million and 12.866 million vehicles, respectively, an increase of 34.4% and 35.5%, respectively. According to Car News China, China has maintained these figures as the highest in the world for ten consecutive years.

Sales of battery electric vehicles (BEVs) accounted for 60% of total new energy vehicle sales, a decrease of 10.4% from 2023. In contrast, China’s plug-in hybrid electric vehicle (PHEV) sales recorded a growth of 10.4% in 2024.

China’s PHEV exports saw significant growth in 2024. Image source: Paultan.

Independent Chinese auto brands witnessed market share growth in 2024, with total sales of 17.97 million vehicles, accounting for 65.2% of the total consumption market, a 23.1% increase from 2023.

CAAM data shows that in 2024, China exported 1.284 million new energy vehicles, including 987,000 BEVs and 297,000 PHEVs. Compared to the previous year, BEV exports decreased by 10.4%, while PHEV exports surged by 190%.

Chery remained the top automobile exporter in China’s auto industry in 2024, with its brands Omoda and Jaecoo exporting a total of 1.144 million vehicles, far surpassing SAIC (929,000 vehicles), Changan (536,000 vehicles), and Geely (532,000 vehicles).

BYD, a Chinese automobile manufacturer, witnessed the most significant growth in exports, with 433,000 vehicles shipped to overseas markets, an increase of 71.8% compared to 2023.

In the report, Mr. Xu Haidong, Deputy Secretary-General of CAAM, predicted that China’s automobile production and sales in 2025 would reach approximately 32.9 million vehicles.

New energy vehicles are expected to reach a consumption volume of 16 million vehicles in 2025, a 24.4% increase from the previous year, while exports are also projected to reach 6.2 million vehicles, a 5.8% growth.

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