China dominates global automotive market in 2024 with record 6mn exports

February 24, 2025 (MLN): China became the world's largest automotive market by the end of 2024, selling over 31 million units and accounting for 35% of global sales, while its car exports surged to around 6mn units.

Significantly outpacing Japan's 4.2mn and Germany's 3.2mn, while the United States lags behind at 1.4mn exports.

China has been at the forefront of the new energy vehicle revolution, leveraging electrification and digital technology to lead the world in intelligent, connected electric vehicles, according to media reports.

By the end of 2024, EVs accounted for over 40% of its new vehicle sales, and this trend continues to grow. 

Chinese automakers have expanded rapidly, competing with each other and international brands. 

Today, a plethora of Chinese brands have become prominent not only in the Chinese market but also overseas. 

BYD, once known as a maker of cheap cars, has become a dominant EV company within only 15 or 20 years. Others such as Geely, Li Auto, XPeng and Nio are also coming up strongly.

Tesla, which built its Shanghai gigafactory in 2019, remains active in China. 

However, most foreign brands have struggled. Once dominant in China's auto market, they have failed to keep pace in the intelligent, connected EV era. 

Some claim that the Chinese government favors local players, making it harder for foreign original equipment manufacturers or OEMs. 

Some even say foreign players can't get a "Chinese passport", implying that somehow foreign players are disadvantaged because of some man-made reasons.

In July 2023, Volkswagen invested $700mn for a 5% stake in XPeng to codevelop two Volkswagen-branded midsize EVs based on XPeng's G9 platform, targeting a 2026 launch in China. 

Similarly, in 2021, General Motors invested $300mn in Momenta, a Chinese autonomous driving technology company. 

The partnership aims to accelerate the creation of intelligent mobility solutions tailored to the Chinese market.

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