Japanese company Toyota has acknowledged that Chinese electric vehicle manufacturers are rapidly outpacing their European and Japanese competitors — even in their home markets. In 2024, out of 17 million electric vehicles sold worldwide, over 60% were from Chinese brands — 11 million units.
China leads not only in sales volumes but also in battery production, intelligent control systems, and electric vehicle service equipment. Despite new models from Volkswagen, Hyundai, and Toyota, Chinese companies continue to expand their market share and technological edge.
Experts believe that China will soon become a leader in the hydrogen fuel vehicle segment as well, despite the long-standing experience of Japanese manufacturers. The growth of the Chinese EV market is supported by government subsidies, a well-developed charging infrastructure, and a high level of technology. In 2024, over 25 million electric vehicles were registered in China, and EVs accounted for more than 47% of all passenger car sales.
