In the first quarter this year, China’s automobile production and sales reached 6.606 million and 6.72 million vehicles respectively, an increase of 6.4% and 10.6% year-on-year, hitting a new high since 2019, as per statistics from China Association of Automobile Manufacturers.
New energy vehicles are taking up an increasing proportion in China’s passager car market, with the penetration rate reaching 35.7% last year. In 2024, it is expected that over 5.5 million vehicles will be exported from China, 40% being NEVs.
