EVs are projected to outsell internal combustion engine vehicles for the first time in China next year.BYDEV sales in China are set to overtake traditional car sales for the first time next year.EV sales are set to grow 20% next year to over 12 million vehicles, a Financial Times report said.The key turning point for the world's largest car market contrasts slowing sales in the West.Electric vehicle sales in China are set to eclipse the sale of traditional vehicles for the first time next year, putting the country ahead of the West in a critical part of the clean energy transition, according to a new report.Domestic EV sales in China are projected to grow 20% year over year to more than 12 million cars in 2025, according to the latest figures shared with the Financial Times by investment banks UBS, HSBC, and other research groups.The projections, which include sales for both pure EVs and plug-in hybrids, offer a stark contrast to the outlook for internal combustion engine vehicle sales, which are expected to fall by over 10% to less than 11 million cars in the coming year, the report said.The figures mark a key turning point in the world's largest car market and signal how much faster the clean energy vehicle transition is taking shape in China versus the West.
A Turning Point In Ev Dominance Is Coming In 2025, Report Says
hchowdhury@insider.com (Hasan Chowdhury), Business Insider
Thu, 12/26/2024 - 4:39am
Topics: domestic ev ubs hsbc europe warren buffett-backed march seagull similar china's ev nio elon musk's tesla tesla reuters chinese ev october may it business insider evs china financial times west ev eu beijing us coming report turning point sales year vehicle set consumer vehicles engine million internal figures car tariffs carmakers traditional key projected largest market world said.the grow energy aggressive sale country clean strategies government transition interest byd cars prices
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