China Auto Daily丨Shenzhen Achieves 75.9% EV Penetration

China Dominates Global EV Market in 2024

As of December 1, 2024, the global electric vehicle (EV) market has seen tremendous growth, primarily driven by China's rapid expansion. From January to October 2024, global new energy vehicle (NEV) sales reached 14.07 million units, which comprises 19% of the total automotive sales. Out of this, battery electric vehicles (BEVs) made up 12.2%, plug-in hybrid electric vehicles (PHEVs) accounted for 6.8%, and hybrid vehicles held a 6.4% share. These figures were highlighted by Cui Dongshu, General Secretary of the China Passenger Car Association.

One of the standout highlights of 2024 has been China's formidable presence in the global NEV market. China has maintained a dominant 68.9% market share in NEV sales from January to October, with this share escalating to a remarkable 76% in October alone. This emphasizes China's significant influence and contributions to the global EV sector.

Shenzhen Saw EV Penetration of 75.9%

Further accentuating China's leadership in the EV space, Shenzhen, a major city in China, has showcased extraordinary progress. As reported in a Shenzhen municipal press conference, the city's EV penetration rate reached an impressive 75.9% by October 2024. Moreover, the city's total EV ownership has exceeded 1.19 million units, with these vehicles representing a 27.4% share of the city's entire vehicle population. To support this massive transition, Shenzhen has developed an extensive charging infrastructure, comprising over 400,000 charging points.

New Sales Milestones for Leapmotor and Xpeng in November

The momentum in China's NEV market was further exemplified by the recent performance of new energy automakers. On December 1, leading companies such as Li Auto, Leapmotor, Xpeng, and Nio released their sales figures for November 2024. Both Leapmotor and Xpeng reached new highs in their monthly deliveries. Conversely, sales for Li Auto and Nio experienced a slight decline compared to their October performance.

GAC Group and Huawei's Strategic Alliance

In a related development, Guangzhou Automobile Group Co., Ltd. (GAC Group) and Huawei Technologies Co., Ltd. strengthened their strategic alliance on November 30, 2024. The two companies signed an agreement aimed at deepening their collaboration in developing high-end smart EVs. GAC Group plans to introduce a new premium brand for smart NEVs, beyond its current offerings from Trumpchi, Aion, and Hyptech.