(Yicai) Jan. 22 -- China's new energy vehicle industry ranked first worldwide by production and sales for the 10th consecutive year in 2024, according to the country's vice minister for industry and information technology.

China produced and sold 12.888 million and 12.866 million NEVs, respectively, last year, with both figures ranking first globally, Zhang Yunming said at a press conference yesterday.

Zhang also unveiled other NEV industry data at the press conference, such as vehicle performance, industrial systems, and user convenience.

The average range of electric cars produced in China approached 500 kilometers last year, Zhang noted, adding that the country established a comprehensive and high-efficiency supply chain, as 70 percent of battery materials and 60 percent of power batteries were made in the country.

China has 12.818 million charging piles and 4,443 battery swap stations, the world's largest network, Zhang said. Fast-charging technology, capable of charging up to 80 percent in 15 minutes, has been already mass-produced and applied.

Over the past decade, Chinese NEV products have been exported to more than 70 countries and regions, according to Zhang.

The National Development and Reform Commission and the Ministry of Finance recently issued a notice proposing to expand the subsidies for automobile scrapping and updating. Among them, subsidies for new energy city buses would increase to CNY80,000 from CNY60,000 (USD11,000 from USD8,250) each.

Previously, the MOF stipulated that NEVs should account for no less than 30 percent of official vehicle procurement.

China’s car sales are expected to jump 4.7 percent to 32.9 million units this year from the previous one, with NEV sales soaring over 24 percent to 16 million units, according to the China Association of Automobile Manufacturers. The country's auto exports will likely rise 5.8 percent to 6.2 million units in the period.

Editor: Futura Costaglione