Increasing investments and developments in China’s new energy vehicle sector are expected to boost aluminium consumption to nearly 10 million tonnes by 2030, compared to 2 million tonnes in 2023. This prediction follows the reported rise in China’s domestic production of new energy vehicles to 940,000 units in May 2024, up 31.9 per cent from 712,660 units produced a year ago.
In line with increased production, sales also grew in May this year by 33 per cent to 955,000 units versus 716,430 units. Thus, the market share of NEVs in China escalated to 39.5 per cent in May, out of total automobile sales amounting to 2.42 million units, according to the China Association of Automobile Manufacturers (CAAM).
With the bullish forecast for China’s NEV production and sales, the domestic NEV share is estimated to account for 50 per cent of China’s automobile market by 2025 and 70 per cent by 2030. This phenomenon, considering NEVs’ requirement for lightweight, could potentially lead to significant demand growth for aluminium.
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