China Predicts Global Electric Vehicle Sales to Reach 20 Million Units in 2024

China’s electric vehicle think tank, China EV100, predicts that global electric vehicle sales will exceed 20 million units by 2024. China is expected to account for 60% of this total, with over $279 billion in sales. It is also predicted that China’s total production of batteries and other materials for electric vehicles will account for more than 50% of global production.

According to data from China EV100, as of September, global electric vehicle sales were about 9.75 million units, with China accounting for more than 60%. The energy density of the battery cells currently in mass production reaches 300 Wh/kg, supporting electric vehicles with an average driving distance of more than 286 miles per charge.

EV100 states that electric vehicle companies are “actively expanding battery production for cost savings, supply security, and amplifying synergy within the industrial chain. They are accelerating the development of products with diverse characteristics while innovating technology. Despite this, the industry is facing problems with excess capacity and structural issues.