China’s EV Market Soars
November 2024 proved to be a remarkable month for the electric vehicle (EV) market in China, showcasing impressive growth across several manufacturers. With a surge in sales, companies like BYD, Geely, and Xiaomi are making headlines as they continue to dominate the global EV landscape. Let’s dive into the numbers and see how these manufacturers performed last month.
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China’s EV Market Soars in November 2024: A Snapshot of November Sales
In November, the Chinese EV market experienced a general upward trend, with notable exceptions from Li Auto and Nio. Here’s a breakdown of the key players and their sales figures:
- BYD: 504,003 units sold
- Geely: 122,453 units sold
- Changan: 100,000 units sold
- Xpeng: 30,895 units sold
- Xiaomi: 22,050 units sold
- Nio: 20,575 units sold
BYD: The Unstoppable Leader
BYD continues to solidify its position as the leading EV manufacturer in China, selling 504,003 passenger new energy vehicles (NEVs) in November. This marks a 0.7% increase from October and a staggering 67.2% increase compared to the same month last year.
In the first eleven months of 2024, BYD has sold 3,740,930 NEVs, reflecting a 40% increase year-on-year. The company’s ambitious target for 2024 is to reach 3.6 million sales, but projections suggest they may exceed that, potentially delivering 4.35 million vehicles by year-end.
Geely: A Strong Contender
Geely secured the second spot with 122,453 NEVs sold, representing a 12.6% increase from October and an impressive 88.3% increase from the previous year. The company’s success is bolstered by its various brands, including Zeekr and Lynk & Co, with Zeekr alone delivering 27,011 units, a record-breaking performance.
Changan: Consistent Growth
Changan reported 100,000 NEV sales, up 17.6% from the previous month. The brand’s diverse offerings, including Avatr and Deepal, contributed to this growth, with Deepal achieving a remarkable 36,026 units sold, marking a 29.3% increase from October.
Xpeng and Xiaomi: Rising Stars
Xpeng reported 30,895 units sold, a 29.2% increase from October, while Xiaomi achieved 22,050 sales of its SU7 model, reflecting a 6.1% growth. Xiaomi’s entry into the EV market has been promising, with plans to unveil a second model, an electric SUV, in early 2025.
Nio: A Slight Dip
Nio experienced a slight decline in sales, reporting 20,575 units, down 1.9% from October. However, the company remains optimistic, with a cumulative total of 190,832 EVs sold in 2024, up 34.4% from the previous year.
The Bigger Picture: NEV Sales in China
The term NEV encompasses battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel-cell electric vehicles (FCEVs). In November, the sales data reflects a growing preference for BEVs, with BYD’s sales showing a shift towards these fully electric models.
The November sales figures highlight the robust growth of China’s EV market, with leading manufacturers like BYD and Geely setting the pace. As the demand for electric vehicles continues to rise, these companies are well-positioned to capitalize on the global shift towards sustainable transportation. With innovative models and expanding production capabilities, the future looks bright for China’s EV industry.
Stay tuned for more updates as we continue to track the developments in this dynamic market!
