Make-or-break year for new-energy cars in China
Automotive industry body the China Passenger Car Association (CPCA) has said it expects sales of 11 million new-energy vehicles in China in 2024. This includes fully electric vehicles and plug-in hybrids. This figure would represent an increase of more than 25% compared to 2023.
In spite of a growth in overall volume, the secretary-general of CPCA, Cui Dongshu, said 2024 could be a make-or-break year for the manufacturers of these vehicles. He said there was fierce competition and that many were not yet making a profit.
An automotive sector think tank, China EV100, has said one of the difficulties facing manufacturers is a price war, which began in 2023 and may continue this year.
The marketplace has become crowded, with two consumer electronics companies, Huawei and Xiaomi, joining more established car manufacturers in offering new-energy vehicles.
