Highlights

• NEVs surge 45.8% in production.
• NEVs account for 45.6% of new vehicle sales in November 2024.
• China's automotive industry demonstrates resilience with overall vehicle production and sales growing over 11% year-on-year.
• Cumulative NEV exports reach 1.141 million units.
• China's expanding electric vehicle market is highlighted by the surge in NEV production and exports.

In November 2024, China’s automotive industry recorded significant growth, with total vehicle production and sales reaching 3.437 million and 3.316 million units, representing year-on-year increases of 11.1% and 11.7%, respectively. The standout performer was the new energy vehicle (NEV) segment, which continued its impressive trajectory.

NEVs Drive Industry Momentum

NEV production and sales hit 1.566 million and 1.512 million units, up 45.8% and 47.4% year-on-year, accounting for 45.6% of total new vehicle sales. For the first 11 months of 2024, NEV production and sales totaled 11.345 million and 11.262 million units, growing 34.6% and 35.6% compared to the same period in 2023. NEVs now make up 40.3% of total automotive sales, underscoring their pivotal role in transforming the industry.

Exports Show Mixed Results

While overall vehicle exports rose slightly in November to 490,000 units (up 1.6% year-on-year), NEV exports faced a decline, with 83,000 units shipped, down 14.1% year-on-year. However, cumulative exports for the year remained strong, with total vehicle exports reaching 5.345 million units (up 21.2%), including 1.141 million NEVs, an increase of 4.5% year-on-year.

Sustained Growth in 2024

From January to November, cumulative vehicle production and sales reached 27.903 million and 27.94 million units, marking year-on-year growth of 2.9% and 3.7%, respectively. These figures reflect the resilience of China's automotive industry and the accelerating shift toward NEVs as the market’s growth engine according to industry news (opens in a new tab).

With nearly half of new vehicle sales now coming from NEVs, the sector is poised to continue driving innovation, sustainability, and global competitiveness in China’s automotive market. Rare Earth Exchanges has explained monetizing the electric vehicle market is of paramount importance for China’s overall economic dominance strategy.