China's Electric Vehicle Surge Sparks Global Alarm

China's electric vehicle market expanded significantly in 2024, with sales rising over 40% while gasoline car sales plummeted. This shift alarmed U.S. and European automakers, prompting protective tariffs due to perceived unfair subsidies. The trend signifies China's growing influence in global EV markets, challenging traditional automakers.

In a dramatic shift, China's electric vehicle (EV) sales surged by more than 40% in 2024, while gasoline-powered cars saw a sharp decline, according to industry data released Monday.

The world's largest auto market sold 31.4 million vehicles last year, with EVs and hybrids leading the charge, as reported by the China Association of Automobile Manufacturers. Production couldn't keep pace, growing 3.7%, while passenger car exports, including new energy vehicles, soared by almost 20% to nearly 5 million.

The ripple effect was felt globally, with U.S. and European automakers expressing concern over China's expansion. In response, both regions imposed tariffs, citing unfair subsidies aiding Chinese EV manufacturers. Traditional gasoline vehicles, now less than half of new sales, face declining demand, prompting electrification efforts by foreign brands like Honda and Nissan.

(With inputs from agencies.)