China's electric car market is headed for a sharp slowdown in 2025, according to analyst predictions, increasing pressure on companies trying to survive.

Sales of all types of electric vehicles rose more than 40% in China last year, while those of gasoline-powered automobiles plunged, industry data showed Monday. A total of 31.4 million vehicles including buses and trucks were sold last year in the world's biggest market by sales,

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.

Building indigenous capacities to produce raw materials for lithium-ion batteries will be crucial for achieving energy transition goals.