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TMTPOST -- A Chinese auto industry body recorded double-digit increase in new energy vehicle (NEV) output, sales and exports for the past year as Beijing is maintaining trade-in policy to boost consumer spending on auto and many other sectors.

Credit：Xinhua News Agency

The Chinese auto market saw retail sales of nearly 10.9 million new energy passenger vehicles in 2024, and the new annual record represented a 40.7% increase from a year earlier, the China Passenger Car Association (CPCA) released on Thursday. The wholesale figure rose 37.8% year-over-year (YoY) to 12.23 million units.

In December, retail sales climbed 37.5% YoY to 1.3 million units, and the penetration rate for the new energy passenger vehicles gained 9.1 percentage points YoY to 49.4%. In the second half of the year, the penetration rate has topped 50% for five months in a row.

CPCA data showed the auto industry produced nearly 12.19 million new energy passenger vehicles in 2024, up 36.4% YoY, and new energy passenger vehicle exports jumped 24.3% YoY to 1.29 million units.

As of November 14, China's annual output of NEVs surpassed 10 million units, according to China Association of Automobile Manufacturers (CAAM). The data made China the first country to achieve this milestone. China started tracking NEV sales and output in 2013, with 18,000 units produced that year. By 2018, NEV output had reached 1 million, and it exceeded 5 million in 2022.

Industry insiders attribute the strong performance of China's NEV sector in part to stimulus policies. In 2024, the country launched a multi-billion-dollar consumer goods trade-in program -- the first of its kind in nearly 15 years -- to stimulate domestic demand and address external uncertainties. The initiative has boosted consumption significantly and facilitated the auto industry's green transition.

Earlier this week, China just announced at a press conference a raft of measures to expand the scope of the consumer goods trade-in program to stimulate domestic demand and bolster economy this year. The NEV sector is set to witness another year of stellar growth fueled by the supportive measures.

The government renewed the previous auto trade-in program. Consumers trading in old cars for NEVs, including electric and plug-in hybrid vehicles, are each entitled to a 20,000-yuan (US$2,370) subsidy, higher than the 15,000-yuan subsidy given to those opting to replace their vehicles with new, fuel-powered cars. Besides, a broader range of passenger vehicles will also be added to the trade-in program.

China will expand the number of home appliance categories eligible for government subsidies from eight in 2024 to 12 in 2025, Zhao Chenxin, deputy head of the National Development and Reform Commission (NDRC), said at the press on Wednesday. Microwaves, water purifiers, dishwashers and rice cookers will be added to the trade-in list for home appliances, according to a guideline unveiled by the NDRC and the Ministry of Finance (MOF). To ensure the delivery of subsidies, the central government earmarked RMB81 billion for the consumer goods trade-in program this year, said MOF official Fu Jinling.

China will increase the issuance of ultra-long special treasury bonds and continue to support the implementation of the equipment upgrades and consumer goods trade-in programs, according to the conference.

NEVs accounted for over 60% of the new cars bought under the trade-in initiative in 2024, while sales of products certified with the highest energy-efficiency level contributed to over 90 percent of sales revenue under the home appliance trade-in scheme, according to data from the Ministry of Commerce.