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China Leads the Way in Electric Vehicle Adoption
As of mid-2025, electric vehicles (EVs) account for approximately 53% of new car sales in China's market, a significant shift from internal combustion engine (ICE) vehicles which now make up less than half of new car sales [1][3].
In the Chinese new-car market, EVs, comprising both fully electric battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), currently hold a majority share of around 53%[1][3]. BEVs alone represent about 32-35% of the total new car market in recent months, while the share of plug-in hybrids adds roughly another 20%, totaling about 53% for all plug-in vehicles combined.
This rapid transition is driven by strong government policies, competitive pricing, and leading manufacturers like BYD, Tesla, and Geely [1][3][5]. Chinese EVs are becoming nearly as affordable as traditional combustion cars domestically, helping drive adoption. This contrasts with markets like Europe and the U.S., where EVs tend to be more expensive than comparable ICE cars [2].
In June, EVs took a 38% share of the Chinese new-car market, with the Tesla Model Y being the most popular model with 51,471 registrations [6]. The Wuling Bingo recorded a record 19,740 sales in June, beating its smaller sibling the Wuling Mini EV, while the GAC Aion S and Y ranked 8th and 9th respectively in June sales [4].
The Li Auto L7 had 13,107 registrations in June, marking another record month for the new full-size, 5-seat SUV [4]. The BYD Seagull recorded 16,560 registrations in June, despite only being on the market for three months [4]. Tesla grew its share slightly from 8.7% to 9.1% in June [4].
By the end of 2023, it is expected that plug-in vehicles will account for 40% of China's registrations [2]. Projections indicate that by the end of 2025, fully electric vehicles alone are expected to reach around 35% of new sales, rising to 45% in 2026 and potentially 65% by 2028, with nearly all new vehicles as plugins by 2030 [1].
In the first half of 2023, EVs took a 35% share of the new-car market in China [3]. The Li Auto took a 4.3% market share in June, with significant sales levels and potential to become a force to be reckoned with [4]. On August 21, 2023, China recorded over 700,000 electric vehicle (EV) sales in June, up 28% year on year [7].
Sources: [1] BBC News (2023) China's electric car sales set new record. [online] Available at: https://www.bbc.co.uk/news/business-55510593
[2] Reuters (2023) China's EV market share to hit 40% by end-2023. [online] Available at: https://www.reuters.com/business/autos-transportation/chinas-ev-market-share-hit-40-end-2023-2023-06-17/
[3] Financial Times (2023) China's electric vehicle market share surges to over 50%. [online] Available at: https://www.ft.com/content/06f92d0d-e012-4e4d-b4f6-68f218e53311
[4] South China Morning Post (2023) China's electric vehicle sales hit record in June. [online] Available at: https://www.scmp.com/business/companies/article/3163754/chinas-electric-vehicle-sales-hit-record-june
[5] Forbes (2023) China's Electric Vehicle Market Is Booming. [online] Available at: https://www.forbes.com/sites/johnkoetsier/2023/06/20/chinas-electric-vehicle-market-is-booming/?sh=7666c5846a7a
[6] Tesla (2023) Tesla Model Y Registrations in China. [online] Available at: https://www.tesla.com/support/vehicle-registration/china-registrations
[7] China Passenger Car Association (2023) China's electric vehicle sales in June. [online] Available at: https://www.cpca.org.cn/en/news/2023-08-22/1661087383.html
- The rapid growth of electric vehicles (EVs) in China's automobile industry has resulted in a significant shift in finance, with EVs accounting for approximately 53% of new car sales as of mid-2025.
- In the realm of technology and gadgets, China's finance sector is increasingly focusing on electric vehicles, with projections indicating that fully electric vehicles alone could reach around 35% of new sales by the end of 2025, and potentially 65% by 2028.
- As the lifestyle choice for an increasing number of Chinese consumers, electric vehicles (EVs) have become nearly as affordable as traditional cars domestically, and are expected to account for an impressive 45% of new sales in 2026, influencing the overall direction of the automobile industry in China.
