While the production and sales of new energy vehicles in China continue to grow steadily in 2024, the market share of new energy vehicles in the country reached 30 percent in January and February.
While new energy vehicles are in great demand in China, foreign capital companies announced that they will continue to increase their investments in this field. German Volkswagen Group announced that it will launch more than 40 models, half of them new-energy, in the Chinese market over the next three years. Peugeot Citroen official also stated that new energy vehicles of Chinese origin brought changes to the global automotive industry.
In the last 10 years, the annual production and sales volume of new energy vehicles in China increased from 75 thousand units to 9,5 million units, accounting for more than 60 percent of the world total. The government is making successive regulations to grow this market and achieve the zero carbon target. More than 80 support policies related to the sector have come into force so far.