The subsidies have allowed Chinese cars, particularly EVs, to be sold at heavily discounted prices around the world prompting regions such as the European Union (EU) to enact anti-subsidy measures. These subsidies will continue well into 2025 as the Chinese government has signaled its plans to extend them.

As reported earlier, BYD sold 4.27 million New Energy Vehicles or NEVs (plug-in hybrids and battery electric vehicles)—a 41.26% surge from 2023. This is also well ahead of its 2024 target which was set at 3.6 million units.

BYD’s battery electric vehicle (BEV) sales also rose approximately 12.08% last year, compared with full year 2023, amounting to 1.76 million vehicles. Similarly, its passenger plug-in hybrid electric vehicles (PHEVs) sales in 2024 also soared 72.83% on a yearly basis to 2.49 million units.

Meanwhile, Chery recorded a full-year result of 2.6 million vehicles sold—a 38.4% year-on-year improvement. Exports have reached 1.14 million units (up 21.4%) making it the most exported Chinese brand once more in 2024. It’s a record they’ve held on to for 22 consecutive years.

Chery’s NEV sales reached 583,569 units, up 232.7%, the fastest growth among major automakers.

Geely, also had a breakthrough year reaching 2.17 million vehicles sold—a 32% year-on-year increase. Its international business posted a record high of 403,923 units exported—a 53% surge compared to last year’s performance.

Its exports were driven by its expanded global footprint. Geely is now in over 80 countries, 10 of which were just entered into last year. This includes the establishment of a subsidiary in the Philippines. Their expansion was further amplified by the introduction of 16 models across more than 40 countries and regions.

SAIC Motor also had a significant 2024 with customer deliveries reaching 4.64 million—a historic high for the brand.

The company’s self-owned brands, including IM, Roewe, Rising, MG, Maxus, Wuling, and Baojun, saw sales reach 2.408 million units in 2024, accounting for 60% of their total sales—an increase of 5% from 2023. NEV sales hit a record 1.234 million units, up 9.9% year-on-year. A total of 66,000 high-end NEV brand IM Motor units were sold, a 71.2-percent increase from the previous year.

Exports also contributed significantly to SAIC Motor’s performance with deliveries hitting 1.08-million—a 2.6 percent year-on-year increase.

Finally, Great Wall Motor sold 1.23 million vehicles. NEV sales totaled 321,795 units, up 22.8%, setting a record. Its overseas sales reached 453,141 units, up 43.4%, breaking its previous record.

Haval contributed most to GWM with its year-end 2024 sales reaching 706,234 units. WEY sold a total of 54,728 units, while Tank reached 231,001 units sold. Their all-electric Ora brand sold 63,272 units in total.