Chairman Wan Gang of the China Association for Science and Technology predicted today at the 2024 Summer Davos Forum that China's electric vehicle production is expected to surpass the milestone of 10 million units this year.

Wan Gang also expressed that the current "turmoil" in the automotive industry is actually a form of transformation anxiety. The automotive market has always been fiercely competitive. "When I entered the automotive market, BMW and Audi were already competing. However, cars must meet everyone's demands, which leads to competition."

According to data from the China Association of Automobile Manufacturers (CAAM), in 2023, China's cumulative automobile production and sales reached 30.161 million units and 30.094 million units respectively, marking increases of 11.6% and 12% year-on-year. This achievement set new historical highs with robust double-digit growth.

In 2023, China maintained its position as the world's largest market for new energy vehicles (NEVs) for the ninth consecutive year. Driven by policies and market dynamics, NEV production and sales in 2023 totaled 9.587 million units and 9.495 million units respectively, increasing by 35.8% and 37.9% year-on-year. The market share reached 31.6%, up 5.9 percentage points from the previous year.

Earlier reports from IT Home indicated that in May of this year, China's NEV production and sales reached 940,000 units and 955,000 units respectively, marking year-on-year increases of 31.9% and 33.3%, with a market share of 39.5%. Domestic sales of NEVs reached 856,000 units, up 40.8% year-on-year, while exports totaled 99,000 units, down 13.3% from the previous month and 9% year-on-year.

From January to May, China's NEV production and sales totaled 3.926 million units and 3.895 million units respectively, up 30.7% and 32.5% year-on-year, with a market share of 33.9%.