China’s EV Growth Set To Explode in 2024

The electric vehicle (EV) market is on track for a watershed year in 2024 as emissions reduction targets clash with falling consumer spending amid enduring economic uncertainty. Rystad Energy research forecasts 17.5 million EV sales this year, an 18.5% annual increase. As a result, the share of new car sales that are either battery electric (BEV) or plug-in hybrid electric vehicles (PHEV) will increase from 19.2% in 2023 to around 21.8% at the end of 2024. China will play a significant role in the market's continued expansion thanks to sizeable…