The share of NEVs in China's total vehicle stock is still small, so there's lots of room for growth, especially as battery prices continue to fall. Here's a look at the total NEV stock, which grew from 6% of the vehicle stock to 9% at the end of 2024. (MPS, EVCIPA data)

Public charging data indicate that China's NEVs are being used. Charging load reached a respectable 50 billion kWh in 2025, and still growing exponentially. That's enough for each PHEV and BEV to drive around 1,000 km per month on electricity. (EVCIPA data)

In 2023, I noted that pure BEVs made up the majority of all NEV segments, but that's no longer true for 2024. PHEVs are now leading in the SUV segment. And SUVs are nearly half of NEV sales now. (CPCA data)

A big factor in the New Energy Vehicle sales growth is the rising share of plug-in hybrids. PHEVs were less than 20% of the NEV market in 2021. PHEVs have become more popular due to falling battery prices, longer all-electric ranges and the trend towards larger vehicles. (CAAM data)

China's surging NEV sales: nothing new, but astonishing nonetheless. Each year since 2020, NEV production and sales have outpaced the industry's own forecasts. Over 50% new vehicle sales share for much of 2H 2024, and forecasted to reach 55% for full-year 2025. (CAAM data)