China is on track to produce over 10 million electric vehicles (EVs) this year, marking a significant milestone in its rapid expansion within the new energy vehicle (NEV) sector. Wan Gang, president of the China Association for Science and Technology and former minister of science and technology, made this announcement today at the 15th World Economic Forum Annual Meeting of the New Champions.
The growth trajectory of China’s EV production has been remarkable. In 2022, NEV production surged by 102.22 percent to 6.64 million units, with battery electric vehicles (BEVs) comprising 76.5 percent of this total at 5.08 million units. Plug-in hybrid electric vehicles (PHEVs) contributed 1.56 million units, marking a 172.50 percent increase from the previous year.
By 2023, NEV production reached 8.91 million units, continuing its upward trend albeit at a moderated growth rate. BEVs accounted for 6.11 million units (68.6 percent of total NEVs), while PHEVs totaled 2.8 million units (31.4 percent).
In the first five months of 2024, China produced 3.64 million NEVs, up 29.13 percent year-on-year. PHEVs, which are increasingly favored for their lack of charging anxiety, saw production surge by 86.06 percent to 1.48 million units, while BEVs rose by 6.79 percent to 2.16 million units during the same period.
