China's EV Sales to Surpass Traditional Cars Years Ahead of West
China's electric vehicle (EV) sales are projected to surpass those of traditional combustion engine cars in 2025, a milestone years ahead of Western rivals. Investment banks and research firms predict a 20% year-on-year growth in EV sales, exceeding 12 million units, significantly outpacing forecasts and official targets. Simultaneously, traditional car sales are expected to decline by over 10%. This surge is attributed to China's advancements in domestic technology, secured global supply chains, and economies of scale leading to lower consumer prices. While growth is slowing from its post-pandemic peak, China is poised to achieve its 50% EV sales target by 2035—a decade early. This rapid rise presents a significant challenge to established automakers in Germany, Japan, and the US, forcing them to accelerate their EV transitions.
Read more