China reviews 2025 auto sales target downward as local sales slow

China has unveiled its vehicle sales target for 2025, and it’s already short of what the country’s top automakers ￰0￱ Friday, the Ministry of Industry and Information Technology, along with seven other agencies, announced a total vehicle sales goal of 32.3 million ￰1￱ number came in below the 32.9 million projection by the China Association of Automobile ￰2￱ same government document also set a specific goal of 15.5 million for new energy vehicles, or ￰3￱ include battery-powered and plug-in hybrid ￰4￱ figure is also below the 16 million units previously forecast by the ￰5￱ government said the plan is meant to keep the industry ￰6￱ of that includes conditional approval for Level 3 autonomous driving, which means cars that can steer and handle traffic on their own in limited ￰7￱ ministry said it also wants to update road safety rules, fix insurance coverage problems, and tighten regulatory ￰8￱ stressed that the country will now focus on fair competition and push for a more orderly ￰9￱ opens crackdown as auto sector slows down The government isn’t stopping at long-term ￰10￱ days before announcing the 2025 goals, the same ministry said it will begin a three-month campaign targeting false marketing and online irregularities in the auto ￰11￱ decision follows a brutal price war that’s damaged carmakers, parts suppliers, and retail dealers across the ￰12￱ May, officials introduced tighter rules to bring order to what had become a chaotic free-for-all in ￰13￱ car market in China is cooling ￰14￱ August, total car sales grew at their slowest pace in seven ￰15￱ vehicle sales growth inside the country also slowed to 6%, after averaging 36% monthly growth in the first half of the ￰16￱ Lester, a data manager at Rho Motion, said the dip reflects tougher comparisons and subsidy ￰17￱ he added that sales in China could bounce back in the final quarter, since fresh funds are coming and seasonal trends usually boost demand.

“In the US, we’re expecting record sales in August and then another strong month in September; it could be another record and then likely a big drop,” Lester ￰18￱ as China’s biggest automaker, BYD , slashed its 2025 global sales forecast by up to 16%, smaller competitors inside the country are quietly gaining ￰19￱ August, Geely, Xpeng, and Nio all had their best-ever month for electric and hybrid ￰20￱ said, “BYD still has the market share, and they’re certainly now feeling the pressure from other OEMs.” EV sales cool globally but regions vary Electric and plug-in hybrid vehicles globally hit 1.7 million sales in August, which was a 15% rise compared to the same month last ￰21￱ that growth was still slower than July’s 21% gain, making it the lowest rate since ￰22￱ China alone, 1.1 million vehicles were sold in ￰23￱ Europe, sales went up 48% to around 283,453 ￰24￱ America added 201,255, a 13% increase, while the rest of the world sold over 144,280 vehicles, up 56% from the year ￰25￱ growth outside China helped balance out the domestic ￰26￱ United States saw strong demand because of expiring EV tax credits, while Europe saw a spike due to incentives aimed at pushing green ￰27￱ China still holds more than half the world’s EV market, and whatever happens in its auto sector will ripple across the entire global supply ￰28￱ the year closes, all eyes are now on how the government’s subsidy programs will roll out and whether the 32.3 million unit target holds ￰29￱ in China are racing to adjust before 2025 hits, but many are still reeling from months of unstable pricing, shrinking profits, and new rules they’re only beginning to ￰30￱ $50 free to trade crypto when you sign up to Bybit now