The new energy vehicle market is projected to witness substantial growth by the first quarter of 2025. Reports indicate that the sales volume for new energy vehicles is expected to increase significantly, with a target set for this year that is anticipated to be met with varying degrees of success.
Data from the domestic new energy vehicle market indicates that among 20 companies and brands, many are on track to achieve a seasonal sales increase, which is projected to surpass last year’s figures considerably. However, the actual performance of individual brands varies greatly, especially when viewed against the backdrop of their targets.
In April, it was reported that each new energy vehicle manufacturer continues to ramp up their production and sales figures, with the first quarter of this year witnessing a notable increase in sales. The total sales volume is expected to reach approximately 1.57 million units, which marks an increase of over 60% compared to the same period last year.
Looking ahead, major automotive companies are set to revise their sales forecasts for new energy vehicles in 2025, increasing their estimates from 1.57 million units to as high as 1.6 million units. The robust growth in the new energy vehicle market is attributed to the increasing consumer demand and competitive pricing strategies among manufacturers.
In the first quarter of this year, the sales of small electric vehicles reached 9.4 million units, representing a remarkable rise of 331% year-on-year. This surge is considered a significant achievement for small electric vehicle manufacturers.
The target sales volume for small electric vehicles in 2025 is set at 3.5 million units, with an expected annual growth rate of 26.8%. Meanwhile, the sales figures for traditional fuel vehicles show a contrasting trend, with a year-on-year decrease of 16%.
For the year, the estimated cumulative sales volume for electric vehicles is projected to reach 9.3 million units, reflecting a year-on-year increase of 16%. By 2025, the target cumulative sales are set at 7 million units.
In recent developments, various manufacturers are introducing new models and enhancing their technological capabilities, which is expected to further stimulate the market. The cumulative sales of electric vehicles are projected to reach 50 million units by 2025, with a targeted annual growth rate of 17.52%.
As the new energy vehicle industry continues to evolve, companies are exploring innovative designs and technological advancements to meet market demands. This competitive landscape suggests a promising future for new energy vehicles in the domestic market.
Overall, the performance of each brand will be closely monitored as they strive to meet their respective targets, highlighting the dynamic nature of the new energy vehicle sector.
