Big battle ahead for China’s NEV market

Soaring sales: A man walks past a BYD showroom in Beijing. China’s total NEV sales this year is expected to reach 11 million units, around 2.3 million more than in 2023. — AFP

BEIJING: New energy vehicle makers (NEV) in China will see tougher competition in 2024 although the sector is expected to continue its momentum, experts warn.

The China Passenger Car Association (CPCA) expects NEVs, which include fully electric vehicles (EVs) and plug-in hybrids, to account for 40% of new vehicle sales this year.