China's new-energy vehicle (NEV) market penetration surpassed 50 percent in December, marking another milestone. The NEV sales have topped 50 percent for seven consecutive months so far, a top economic planning official said.
The figure reads as a major watershed -- indicating that NEVs have overtaken internal combustion engine vehicles as the preferred choice among Chinese buyers.
Zhao Chenxin, deputy head of the National Development and Reform Commission (NDRC), the top economic planner, told a press conference on Wednesday that the reading has remained above 50 percent for seven consecutive months since June, in part due to the ongoing automotive trade-in program, which saw over 6.5 million outdated vehicles being scrapped and replaced nationwide in 2024.
As a result, the total sales of NEVs in China reached 11 million units in 2024, leading the world, according to Zhao.
In the first 11 months, China's NEV sales accounted for 70 percent of the world's total sales, Cui Dongshu, secretary general of the China Passenger Car Association (CPCA), said last week.
Last year, China's new-energy passenger vehicles sales reached 10.98 million units, rising 42 percent year-on-year, according to preliminary data from CPCA.
According to government policies published on Wednesday, Chinese consumers trading in an old car for a new NEV are entitled to obtaining a 20,000 yuan ($2,727) subsidy, higher than the 15,000 yuan received by those opting for a new fossil fuel-powered car.
Zhao said the country plans to broaden the consumer goods trade-in programs by including internal combustion engine vehicles that meet the national IV emission standards into eligible trade-in subsidies, and set a national maximum subsidy limit for vehicle renewals.
A number of economic powerhouse provinces including East China's Fujian Province have recently announced plans to boost vehicle consumption in the first quarter, offering incentives such as car purchasing vouchers, funded with provincial funds.
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