EV Sales Growth:
- 2020: 1.3 million
- 2021: 3.5 million (+169%)
- 2022: 5.4 million (+54%)
- 2023: 8.2 million (+51%)
- 2024 (proj.): 12 million (+46%)
EV Penetration Rate:
- 2020: 6.3%
- 2021: 15% (+9%)
- 2022: 30% (+15%)
- 2023: 37% (+7%)
- 2024 (proj.): 50% (+13%)
China New Energy Vehicle (NEV) Sales Breakdown:
- BEV (Battery Electric Vehicles)
- PHEV (Plug-in Hybrid Electric Vehicles)
- Fuel Cell Vehicles
Source: Michael Dunne
Key Takeaways:
- China’s EV sales grew 9x in 4 years.
- EV penetration increased from 6% to 50% in 4 years.
- China dominates global EV market.
