The number of newly registered new energy vehicles (NEVs) in China jumped nearly 40% year-on-year in the first half of 2024 to a record high, in another sign of robust growth in China's NEV industry despite crackdowns by the U.S. and Europe. About 4.4 million NEVs were registered, increasing 39.41% year-on-year and representing a new high, according to the Ministry of Public Security. The number of all newly registered cars – including NEVs – grew 5.7% year-on-year to 12.42 million. As of the end of June, total vehicle ownership in China reached 440 million, including 24.72 million NEVs, representing 7.18% of total vehicle ownership. The number of pure electric vehicles exceeded 18.13 million, representing 73.35% of NEVs. Infrastructure for NEVs also expanded rapidly. As of the end of June, the number of NEV chargers jumped 54% year-on-year to 10.24 million, including 3.12 million public charging facilities and 7.12 million private ones.
Zhang Xiang, Secretary General of the International Intelligent Vehicle Engineering Association (Hong Kong), said that these numbers showed that China's NEV industry continues to develop rapidly, thanks to the country's strong support. “China has the world's largest and most cost-effective NEV industry and is technologically ahead of international car companies. Even some international brands are now seeking to cooperate with Chinese car companies to obtain technology,” Zhang told the Global Times. “This rapid growth has enhanced the competitiveness of Chinese car companies, giving them more advantages in the international market.”
As the EU imposed preliminary duties on imports of Chinese EVs, China on August 9 initiated dispute settlement proceedings at the World Trade Organization (WTO) against the EU's so-called anti-subsidy measures. Zhang said that protectionist actions by the U.S. and EU seriously undermine the global NEV industry as a whole, and Western politicians' accusations of overcapacity in China's NEV industry are biased. “From a global perspective, there is still a huge demand for NEVs that has not been met. China has about 60% of global NEV production capacity, but many countries do not have the capacity to make NEVs,” Zhang said, adding that domestic consumption of NEVs also continues to grow. In the first seven months of 2024, sales of NEVs in China increased 33.7% year-on-year to 4.988 million units, with a penetration rate of 43.1%, according to data from the China Automobile Dealers Association, the Global Times reports.
Several Chinese automakers are rapidly ascending in the rankings of Fortune Magazine’s list of the Top 500 global companies. State-owned SAIC was the highest Chinese automaker, at 93rd in the list. Its revenue reached USD105.2 billion in 2023. It debuted on the Fortune 500 in 2004 and has been among the top 100 for 11 years in a row. New energy vehicle firm BYD surged 69 spots on the list, the largest leap among global automakers, to secure the 143rd position. Its revenue saw a substantial increase of USD22.1 billion, reaching USD85.1 billion in 2023. BYD’s NEV sales hit 3.02 million units sold in 2023, when it entered the top 10 of best-selling global car brands for the first time. BYD’s NEVs are sold in 88 countries and regions worldwide, spanning more than 400 cities. Geely saw its ranking rocket to 185th this year, a 40-spot rise from 2023. Its revenue totaled USD70.4 billion in 2023. The auto group, which owns brands including Volvo, Polestar and Lotus, has been on the Fortune 500 list for 13 years. In 2023, Geely Auto exceeded its sales target, selling 1.69 million vehicles, including 487,000 NEVs. It exported 274,000 vehicles in the year, up 38% year-on-year. Chery made its debut on the list with a revenue of USD39.1 billion, ranking 385th. The automaker’s sales reached 1.88 million units in 2023, doubling the figure from 2021. The Anhui province-based company has exported a total of 3.9 million vehicles, staying at the top among Chinese passenger car brands for 21 consecutive years. In 2023, one out of every three passenger cars exported from China manufactured by Chery. In contrast, Dongfeng Motor dropped 52 places to 240th on the latest list, the largest decline among global automakers. The company’s weakening performance is linked to challenges stemming from its joint ventures with Nissan, Honda and Citroen. In response to this, Dongfeng is accelerating its NEV transformation and focusing on brands such as Voyah, M-Hero and Nammi. Voyah’s sales soared 97% year-on-year in the first seven months to 36,400 units. Among its peers, FAW Group moved up two positions to 129th place and BAIC Group climbed one spot to 192nd. Meanwhile, GAC Group dropped 16 places to 181st.
Besides Chinese automakers, it is the second year CATL made it onto the list. The electric vehicle battery provider rose 42 spots to the 250th place with revenue of USD56.6 billion in 2023. It has been the world’s largest EV battery provider for seven consecutive years and is the only Chinese auto parts supplier ranked on the Fortune 500. In the first five months of this year, its global market share reached 37.5%, the China Daily reports.
