Sales of electric and hybrid vehicles jumped more than 40 percent in China last year, as demand for new energy models continues to surge and the sector remains entrenched in a gruelling price war. But the world's largest automotive market has also seen fierce competition among domestic car manufacturers as a consumption slowdown fuels a price war that is weighing on profitability In 2024,

China has renewed a trade-in subsidy of up to 20,000 yuan ($2,730) to help underpin sales of fuel-efficient vehicles, including electric cars and hybrids.

China's car sales maintained their growth pace in 2024 as sales of electric vehicles and plug-in hybrids in the world's largest auto market hit a record high amid a brutal price war and with subsidised trade-ins for greener vehicles driving purchases.