China is optimistic about the growth momentum of its auto industry this year, expecting sales of new energy vehicles in 2024 to rise 20% year-on-year, the country’s top industry regulator said on Friday.
Xin Guobin, vice minister of the Ministry of Industry and Information Technology, said that based on industry estimates, both car sales and production could achieve “stable growth” in 2024, and that the momentum of new energy vehicles will continue this year. He said it is expected to be maintained. .
New energy vehicle sales rose 20% year-on-year to 11.5 million units, and this year’s car sales are expected to increase 3% year-on-year to 31 million units, Xin said at a State Council press conference. on Friday, citing data compiled by industry groups.
“While these numbers are based on preliminary estimates from industry groups and companies, we believe they are fundamentally reliable,” Singh said.
According to him, further efforts will be made to exempt automobile purchase taxes, promote the electrification of public transportation, and promote the spread of new energy vehicles in rural areas, and actively expand the consumption of new energy vehicles.
Mr. Xin emphasized that in 2023, China’s automobile industry will gain momentum, vehicle sales and production will exceed 30 million units for the first time, and new energy vehicle sales and production will continue to lead the world.
“Car exports last year reached 4.91 million units, an increase of 57.9% from the previous year, and are expected to be the top in the world,” he added.