China's 10 industries' outlooks for 2024

New energy vehicle

The total vehicle sales in Chinese market will hit 31 million units in 2024, up 3 percent year-on-year, and the new energy vehicle sales will reach 11.5 million units, seeing an increase of 20 percent year-on-year, according to the China Association of Automobile Manufacturers.

In terms of exports, the nation is expected to export 5.5 million vehicles in 2024, said the association.

Zhang Yongwei, secretary-general of the China EV 100, said China's NEV export will reach 1.8 million units in 2024, surging 50 percent year-on-year.

Industry insiders are optimistic on medium and high-end NEVs, and the NEVs' export will remain the model of "trade plus overseas production", and gradually change to the model of "overseas investment plus localization development".

The new car orders are full, and the production line is running 24 hours a day, said Shanghai Securities News, citing new energy vehicle firms, including Seres and Voyah.

During the last week of 2023, several new energy vehicle makers, such as Geely's Zeekr and BAIC's Arcfox, launched new models, as well as Chinese tech giants, including Huawei and Xiaomi, also released new models. All of these new energy vehicles will be delivered in 2024.

The auto industry will completely enter the era of intelligent electric vehicles in 2024, and the gap between Chinese companies and Tesla will narrow, said Li Xiang, founder and CEO of Li Auto.

Li Bin, founder and chairman of Nio, said Chinese high-end NEV market will usher in an inflection point of explosive growth, and will split Chinese market share of international car enterprises such as Mercedes-Benz and BMW.

The pure electric vehicle is expected to become mainstream in 2024, said the newspaper, citing executives of some car companies.

Although the NEV market is promising in 2024, the overall industry will face operating pressures, with most of the NEV companies failing to turn profit, the industry competition will become more intense, and the tail firms will be left behind at an accelerated pace, said Cui Dongshu, secretary-general of the China Passenger Car Association.