Revved-up year for NEV biz

Electric vehicle sales in 2025 seen up 20% to over 12 million units

China is on the cusp of leading the global transition to electric vehicles with sales overtaking fossil fuel-powered cars in 2025 and outperforming other countries, said a recent report by the UK-based Financial Times, citing assessments from four investment banks and research institutes.

The report forecasts that EV sales in China will grow 20 percent year-on-year to exceed 12 million units in 2025. Meanwhile, sales of traditional fuel-powered vehicles will drop to under 11 million units, an annual decline of over 10 percent. The report underscores the fact that EV sales have surpassed both domestic and global expectations.

"The development of new energy vehicles — of which EVs make up the lion's share — in China is progressing rapidly. The country also leads globally in battery technology, boasts a highly developed industrial chain, and car manufacturers are boldly applying advanced technologies at the application end, continuously exploring new frontiers in automotive intelligence," said Chen Shihua, deputy secretary-general of the China Association of Automobile Manufacturers.