Passenger vehicle retail sales in China in 2024 are expected to amount to 12.5 million units, according to the estimations of the China Passenger Car Association (CPCA). Based on the expected sales, there will be an additional 12 million mt of steel consumption in 2024.
In the May 13-19 period this year, based on vehicle insurance figures, the market penetration rate of passenger new energy vehicles (NEVs) exceeded 50 percent for the first time ever, standing at 50.2 percent, overtaking fuel-based vehicles, marking the emerging dominance of NEVs in China’s auto market.