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In 2024, China's plug-in electric vehicle fleet reached around ** million units. Among the countries surveyed, the second-ranked United States had approximately *** million electric vehicles in use that same year. 

Incentives to the shift toward electric vehicles

Propelled by falling lithium-ion battery pack costs, electric vehicle sales have steadily risen over the past decade. Worldwide electric car sales are estimated to be just over ** million units in 2024. The incentives to increase the production and diversity of electric vehicles are not only based on this increase in sales volume. Road transportation makes up over ** percent of the transportation sector carbon dioxide emissions worldwide. Government agencies, including the Environmental Protection Agency (EPA) in the United States, are increasingly beginning to introduce limits on carbon dioxide emissions. Automakers are expected to be penalized if they fail to meet these limits. 

Trends in the Chinese market

In 2021, China ranked the highest overall in the e-mobility index, along with Germany and France. Battery Electric Vehicles (BEV) have always been more popular than Plug-in Hybrid Electric Vehicles (PHEV) in the Chinese market, with an annual sales volume of *** million and *** million units, respectively, in 2024, and accordingly a yearly production volume of just over *** million and around **** million units. In 2021, the SAIC-General Motors-Wuling joint venture was the best-selling BEV brand in the country, followed by Tesla and BYD. Tesla was the market leader in electric vehicle sales worldwide.