News Summary

• In the first 11 months of 2023, 8.3 million units of new energy vehicles were sold, accounting for more than 30% of total car sales, according to data released last month by the China Association of Auto Manufacturers..
• For the first 11 months of last year, China’s car industry recorded a profit margin of just 5%, lower than 2022’s 5.7% and 2021’s 6.1%, according to figures published by the Chinese Passenger Car Association, a government-backed industry group..
• Volkswagen is losing the electric car race to Tesla and China China’s leading role in the global industry is also thanks to its market scale, cheap labor and supply chain dominance, according to analysts..
• The Chinese company sold a record number of cars last year, including 525,409 battery electric vehicles (BEVs) in the three-month period to December 31, according to a stock exchange filing..
• Miao Wei, former minister of China’s Ministry of Industry and Information Technology, said at a car forum in November that the government’s NEV penetration target of 50% by 2035 is likely to be achieved by 2025 or 2026 at the latest, according to state media..
• Beijing has set a target that at least 20% of new cars sold annually in China by 2025 should be new energy vehicles (NEVs), which include BEVs, plug-in hybrids and hydrogen fuel cell vehicles..