In 2024, the sales of pure electric vehicles are expected to reach 10 million units, while the market share of internal combustion engine cars will decline.

Electric vehicle sales are projected to reach 10 million units in 2024. The market share of internal combustion engine vehicles is expected to drop below 50%. China's electric vehicle market is robust, with sales in 2024 anticipated to be four times that of North America. By 2027, China is set to account for more than 50% of global electric vehicle sales. In 2024, BYD is expected to surpass Tesla. Companies like Ford and General Motors are reshaping their supply chains to prepare for the launch of electric vehicles priced under $35,000, in response to market competition. This strategic reform will commence from the end of 2025, aiming to meet stricter emission regulations and leverage subsidy policies and consumer demand to stimulate the global electric vehicle market.