For the first time, electric vehicle sales are expected to surpass those of combustion vehicles in China, according to Financial Times.
With a growth of around 20% year-on-year, the estimate is that over 12 million electric cars will be sold in 2025. This would allow China to exceed international forecasts and Beijing’s official targets for domestic electric vehicle sales.
The information was released by Financial Times using the latest estimates from four investment banks and research groups. The estimated number for 2025 would be more than double the 5.9 million sold in 2022.
At the same time, sales of traditionally powered vehicles are expected to fall by more than 10% next year to less than 11 million, reflecting a drop of nearly 30% from 14.8 million in 2022.
Robert Liew, renewable energy research director for Asia-Pacific at Wood Mackenzie, told FT that the milestone for China signals its success in developing domestic technology. “They want to electrify everything. No other country comes close to China,” Liew explained.
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