China will likely sell over 12 million cars in 2025 versus 5.9 million in 2022, the Financial Times cites estimates from investment banks and research groups estimates.

Also Read: US-Listed Chinese Stocks Fall As China’s Central Bank Keeps Key Rates Steady

Meanwhile, sales of traditional cars will likely decline to below 11 million in 2025 from 14.8 million in 2022, Sri Lanka Guardian cites the FT.

China’s EV sales trajectory bears testimony to its progress in domestic technology and ability to secure a global supply chain for lithium and cobalt. Additionally, the scale of China’s manufacturing abilities has rendered EVs a more affordable option for consumers, Sri Lanka Guardian cites Robert Liew of Wood Mackenzie. He expects China to accomplish its target of EVs accounting for 50% of car sales by 2035, ten years ahead of schedule.

Per the FT report, Industry forecasts indicate that Chinese factories producing traditional engine cars will face an almost nonexistent domestic market within a decade as rising protectionism and uncertainty over government subsidies challenge Western carmakers.

Yuqian Ding of HSBC told the FT that China’s EV juggernaut is indomitable despite a slowdown in growth from a very high base due to oversupply, competition, and a price war.

Price Actions: At the last check on Thursday, NIO is up 2.06% at $4.715. LI is up 3.86%, XPEV is up 3.12%, and ZK is up 8.48%.

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• US-Listed Chinese Stocks React To Underwhelming Consumption Data

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