According to a recent report from the financial news network, new energy vehicle sales are forecasted to peak in the first quarter of 2025, with sales volumes expected to reach a significant milestone.
As the new energy vehicle market continues to grow in China, approximately 20 manufacturers and their brands are reporting substantial increases in sales volume compared to previous years. Notably, several automakers have already achieved a quarterly sales increase, outperforming previous records.
However, in light of the sales targets set for this year, each manufacturer’s performance varies significantly. The report notes that by April, these new energy vehicle manufacturers had cumulatively delivered data reflecting sales figures that indicate a strong start to the year.
In the domestic market, the overall sales of new energy vehicles have shown an upward trend, with a considerable number of companies exceeding their sales targets. This year, industry analysts predict that new energy vehicle sales will reach approximately 5.5 million units, a 26.8% increase compared to last year.
Electric vehicles (EVs) have seen remarkable growth, with sales expected to account for about 35% of the total market. The report highlights that the sales of electric cars alone are projected to hit 7.6 million units, which would represent a 21.6% increase year-on-year.
Furthermore, the total market for new energy vehicles is anticipated to reach 50 million units by 2025, with a yearly target increase of approximately 17.5%. Analysts emphasize the importance of maintaining this growth trajectory to meet the rising consumer demand.
In terms of vehicle categories, compact cars have been particularly successful, with sales projected at 19.9 million units, representing a 71% increase. Meanwhile, the sales of larger vehicles, such as SUVs, are also expected to rise significantly, contributing to the market’s overall expansion.
Looking ahead, manufacturers are focusing on enhancing their product offerings to cater to evolving consumer preferences. The introduction of new models and technologies is expected to drive further sales growth, particularly in the electric vehicle segment.
Overall, the new energy vehicle market in China is set for continued growth, driven by increasing consumer acceptance and advancements in technology.
