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Overall automobile sales began to decelerate, but electric vehicle (EV) sales remained in robust growth in China in the first half of 2024.
Abstract
Global auto sales in the first half of 2024 reached 43.3 million units, marking a 3.3% year-over-year increase. However, growth slowed in the second quarter as backlogged orders were cleared.
Electric vehicle (EV) sales for the first half of the year totaled 7.18 million units, a 21.6% rise compared to the same period in 2023, with China experiencing an impressive 33.5% growth. For 2024, global vehicle sales are projected to increase by only 2%, reaching 90.9 million units, due to weakened demand and the effects of high interest rates.
Global EV sales are expected to total 17.19 million units in 2024, representing a 23.8% year-over-year increase. In China, the EV penetration rate is forecast to exceed 43%, maintaining strong growth momentum, according to data from DIGITIMES Research based on statistics from national automobile associations and automakers.
Table of contents
Table 1: Auto sales in major regions and markets, 1H24 (units)
Table 3: Auto sales in major regions and markets, 2024 (units)
Table 4: EV sales in major regions and markets, 1H24 (units)
Chart 3: EV penetration rates of major regions amd markets, 1H23 and 1H24
Chart 4: BEV and PHEV sales of major regions and markets, 1H24 (units)
Chart 5: BEV and PHEV sales shares of major regions and markets, 1H23-1H24
Table 5: EV sales in major regions and markets, 2024 (units)
Chart 6: EV penetration rates of major regions amd markets, 2023 and 2024
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