China’s electric vehicle (EV) market is on the rise as recent reports highlight unprecedented growth and performance metrics for several key players within the industry for October 2024. This month, the new energy vehicle (NEV) sector, which includes battery electric vehicles (BEVs), plug-in hybrids (PHEVs), and fuel cell vehicles, achieved yet another record-breaking milestone.
According to the China Association of Automobile Manufacturers (CAAM), approximately 1.43 million NEVs were sold throughout the month. This figure marks a remarkable 11.1% uptick compared to September's previous record and demonstrates the increasing consumer appetite for electric and hybrid vehicles. Notably, October 2023’s sales were under 1 million, with only 956,000 units sold. Now, as the year's end approaches, the growth percentage year-on-year stands at nearly 49.6%.
Across all vehicle types, China sold approximately 3.05 million cars last month, indicating EVs constituted about 46.8% of the total new cars sold. Just the month before, this percentage was at 45.8%, and it signifies how quickly the market is adapting to electric alternatives amid growing environmental concerns and governmental push for reduced emissions.
While the numbers are compelling, not all segments are growing at the same pace. The surge can be largely attributed to the PHEV category, which accounted for 587,000 sales and showcased phenomenal growth of 89.7% over the past year. While BEV sales also witnessed growth—842,000 units were sold—it was at only 30.4%. This indicates consumers are increasingly attracted to vehicles with hybrid capabilities as manufacturers work to balance performance, range, and charging convenience.
Among the leaders, BYD continued to dominate the NEV market, selling over half a million vehicles, including 310,912 plug-in hybrids—indicating its successful strategy to cater to diverse consumer preferences. The company's latest figures were up 66.53% from 301,833 units last October, showcasing how it has solidified itself as both the market leader and one of the primary innovators. For the first time, BYD achieved its record-breaking sales of 502,657 NEVs in October.
Following closely behind was Geely, whose group sold over 108,000 NEVs, breaking the 100,000 mark for the first time. Among these, their premium brand, Zeekr, made noteworthy strides by delivering 25,049 units—a figure surpassing all previous month sales, helped by its newest model, the Zeekr 7X. The Zeekr brand is aiming to deliver approximately 230,000 vehicles by year’s end, indicating aggressive growth strategies moving forward.
Meanwhile, Tesla’s performance highlighted some challenges. Tesla sold 68,280 vehicles built in China during October, including 27,795 for export. This marked the company’s weakest month since April, and its share of the Chinese market has seen shifts, with BYD and Geely rising quickly.
The other lesser-known brands are also experiencing considerable growth. Xiaomi Auto exceeded its production target by delivering over 20,000 vehicles last month. Their success with the SU7 electric sedan reflects how quickly they have adapted to the automotive market. Shortly after its launch, Xiaomi reported 88,898 pre-orders within 24 hours, yet they are still scrambling to meet production demands. Currently, the company is upgrading their facilities to boost output and meet customer expectations by early next year.
Li Auto is another significant player, reporting 51,443 inspections last month, up 27.26% year-on-year. Despite their strong figures, they also faced production bottlenecks but plan on ramping production for the highly popular L6 model to meet demand.
Against this backdrop, Leapmotor also achieved impressive milestones, managing to deliver 38,177 vehicles, marking the fifth consecutive month of record deliveries, largely aided by strategic partnerships aimed at broadening their market reach.
While growth is accelerating and new entrants like Xiaomi are claiming their space, established companies like Nio and Xpeng have shown fluctuations. Nio delivered 20,976 vehicles but saw drops from its previous month, showcasing the volatile nature of the current market. Meanwhile, Xpeng has indicated signs of recovery with promising new product launches, hoping to regain momentum by tapping consumer interest via innovative models.
Other significant mentions for October include Zeekr delivering 11,643 units of the 7X newly launched SUV, which played a considerable role in the brand’s total sales performance. This major contribution accounted for nearly half of Zeekr's overall monthly deliveries, signaling strong consumer interest just weeks after the model's introduction.
Looking at the future, industry sentiment remains largely optimistic. With substantial improvements and new technological advancements on the horizon, automakers are strategically positioning themselves to cater to the surging demand for electric vehicles. The completion of additional manufacturing plants is expected to facilitate even greater output capacity, particularly for companies like Xiaomi and BYD, who are racing to solidify their place at the top of this thriving market.
Overall, October 2024 will long be remembered as another landmark month for the EV market within China. With NEVs cornering nearly half of the total vehicle sales and innovative approaches continually redefining market strategies, the future appears bright for electric mobility.