Major growth predicted for new energy cars worldwide

China’s new energy vehicle (NEV) industry is driving global electrification, with over 7 million NEVs sold in the first eight months of 2024—up 30.9% year-on-year and representing 37.5% of the country’s total car sales. Globally, NEV sales in major markets surpassed 10 million units (18% of total sales) from January to August, marking steady growth. At the 2024 World New Energy Vehicle Congress in Haikou, Hainan, Wan Gang, president of the China Association for Science and Technology, called for full electrification to reach a 50% NEV market share by 2035. He noted China’s 340 million vehicles at the end of 2023—240 per 1,000 people—highlighting significant untapped demand, especially as nearly 100 million people have risen out of poverty and seek car ownership. China’s NEV infrastructure supports this growth, with 2.72 million public charging stations, 5.87 million private ones, and 3,567 battery-swapping stations by the end of 2023. Xin Guobin, vice-minister of industry and information technology, acknowledged challenges in meeting the 50% target but emphasized the need for global innovation, policy coordination, and a secure supply chain. Mary Warlick of the International Energy Agency praised China’s progress in carbon reduction and urged global collaboration. Jochen Goller, BMW Group’s China CEO, stressed open markets as key to innovation, noting BMW’s 30-year presence in China, with 30,000 employees, two joint ventures, and four R&D centers. The company remains committed to a fully electric future while advocating for fair trade policies. Experts agreed that China’s NEV leadership—combined with rising demand and infrastructure—positions the sector for continued growth, though scaling to 50% market share will require sustained international cooperation.