China has achieved a remarkable third consecutive record for sales of New Energy Vehicles (NEVs), encompassing battery electric vehicles (BEVs) and plug-in hybrids (PHEVs).
In November 2024, approximately 1.51 million NEVs were sold, with BEVs experiencing significant growth.
October 2024 saw 1.43 million NEVs sold in China, surpassing the previous record of 1.29 million units set in September.
This trend highlights the rapid adoption of NEVs in the country. By comparison, November 2023 was the first time NEV sales crossed the one-million mark.
NEVs include passenger BEVs, PHEVs, and, to a lesser extent, fuel cell electric vehicles (FCEVs), though the latter plays a minor role in passenger markets.
Out of November’s 1,512,000 NEV sales, 83,000 units were exported, reflecting a 35.2% decline in exports compared to the previous month. Excluding exports, domestic sales reached 1,429,000 units, up 53.8% year-on-year and 9.7% from October 2024.
China’s overall passenger car market grew to 3.316 million units in November, an 8.6% increase from October. Despite NEV sales growth, the NEV share of total car registrations dipped slightly to 45.6% from October’s 46.8%, but it remains significantly higher than the 34.5% recorded in November 2023.
In November, BEVs led the market with 908,000 units sold, a 7.8% increase from October and a 29.3% annual growth rate.
PHEV sales grew by 2.9% month-on-month to 604,000 units, marking an 86.8% year-on-year surge. Among passenger NEVs, the BEV-to-PHEV ratio stood at 66.5% to 33.5%.
Performance of Leading Brands
- BYD: The market leader sold 506,804 NEVs in November, slightly above October’s figure of 502,657. BEV sales rose by 4.5% to 198,065 units, while PHEV sales dropped by 1.6% to 305,938 units. BYD exported 28,141 NEVs in November.
- Geely: NEV sales surged 94% year-on-year to 122,453 units. BEVs saw a 173% increase to 91,333 units, while PHEVs grew by just 5% to 31,120 units.
Other Key Players
- Tesla: Achieved 78,856 wholesale sales in November, marking its strongest month of 2024, with 73,490 units sold domestically. Exports from Giga Shanghai fell to 5,366 units, the lowest since June 2022.
- Leapmotor: Surpassed 40,000 deliveries for the first time, reaching 40,169 units, more than double the figure from a year earlier.
- Changan Deepal: Delivered 36,036 vehicles, a 123% year-on-year increase, led by the Deepal S07 and S05 models.
- Nio: Delivered 20,575 vehicles, a 28.9% increase, with the Onvo brand contributing 5,082 units.
- Xpeng: Outpaced Nio with 30,895 deliveries, driven by the Mona M03 and the revised P7+ model.
Not all brands experienced growth. The Ji Yue brand, supported by Geely and Baidu, saw a 20% decline in sales to 2,485 units in November.
China’s NEV market continues to break records, fueled by robust domestic demand and innovative product offerings.
While BEVs are leading the charge, PHEVs remain a significant segment. With established brands like BYD and Tesla dominating the market and new players showing rapid growth, China’s NEV market is set for further expansion in 2025.
