China’s EV100 Predicts Worldwide Electric Car Sales to Reach 20 Million This Year

The latest predictions from the electric vehicle industry think tank China EV100 showed that global NEV sales are expected to surpass 20 million units in 2024. China is expected to make up 60 percent of the total, with sales value surpassing 2 trillion yuan ($279 billion). Moreover, in 2024, the total output of NEV batteries and materials in China is likely to account for over 50 percent of the global total.

Shi Jianhua, deputy secretary-general of China EV100, said, “China’s huge market potential and technological advances make it an important force driving the industry’s development globally. Continuous tech breakthroughs will also give rise to new brands. It is anticipated that one or two more Chinese NEV brands will enter the global Top 10 list in terms of sales volume this year, boosting the share of Chinese firms to over 40 percent. The rapid NEV development will continue to drive growth in sectors like infrastructure, automotive parts, smart manufacturing, and intelligent automotive solutions, and inject impetus into China’s economic growth. The industry will also contribute to the country’s low-carbon transition. It is estimated that this year, China’s total number of NEVs in use will approach 30 million units, with pure EVs accounting for about 80 percent. It is estimated that emission reductions resulting from replacing fossil fuel cars with NEVs in 2024 will exceed 100 million metric tons.”

He also emphasized that China has led global production and technological advancement for batteries, motors, and intelligent cabins over the past year. The energy density of battery cells currently in mass production reaches hit 300 watt-hours per kilogram, and in the case of electric vehicles, the average driving range per charge is over 460 kilometers (approximately 286 miles).

The China EV100 data showed that as of September, global NEV sales were around 9.75 million units, with China contributing over 60 percent of the total.