Overview

• China's EV sales are projected to surpass traditional combustion vehicles for the first time in 2025, reaching over 12 million units, driven by a 20% year-over-year growth rate.
• Government subsidies, trade-in incentives, and aggressive pricing strategies by domestic automakers like BYD have been key to China's rapid EV adoption, with NEV penetration expected to hit 58% by 2025.
• Tesla remains a global leader in EV sales but faces growing competition from Chinese automakers, who dominate their domestic market and expand internationally despite tariff challenges in the West.
• The global EV market grew by 25% in 2024, with nearly one in five cars sold being electric, though adoption rates in Europe and the U.S. have slowed due to economic pressures and policy uncertainty.
• Hyundai and other automakers are investing in next-generation battery technologies, such as solid-state batteries, to address range and safety challenges, with Hyundai planning real-world testing by 2025.