Fueled by government incentives, intense capital investments, and a surge in the popularity of new energy vehicles, China's automotive production and sales surpassed 30 million vehicles for the first time in 2023, setting a historic record, as reported by the Commercial Daily News on Jan 12. Of this total, the sales of new energy vehicles reached an impressive 9.495 million last year. The data highlights the rapid development of new energy vehicles in China over the past two years. In 2023, China surpassed Japan, becoming the world's largest exporter of automobiles. Moreover, China has become the world's largest producer of electric vehicles (EVs), with 74% of global patent applications for EV batteries.

It is anticipated that China's total automotive sales in 2024 will surpass 31 million units, representing a growth of over 3%. According to data released by the China Association of Automobile Manufacturers (CAAM), sales of new energy vehicles are expected to reach 11.5 million units, indicating a 21.1% increase, with exports totaling 5.5 million units, reflecting a 12% increase. Meanwhile, the Market Intelligence & Consulting Institute (MIC) projects that global electric vehicle (EV) sales volume will reach 17.8 million units in 2024, marking a 20% year-on-year growth. Established in 1987, MIC is a division of the Institute for Information Industry (III), a leading government think tank and IT research institute in Taiwan.