By the end of Q3 2024, Chinese NEV manufacturers had fallen short of their collective gross sales target by more than half, according to data tracked by CarNewsChina. The worst objective achievement fee is reportedly 27.4%. The ultimate achievement is a remarkable 71.2% success rate.
We conducted a comprehensive analysis of 14 prominent Chinese new energy vehicle (NEV) manufacturers. Based on the California Purchasing Contractors Association (CPCA) statistics and monthly reports from automakers, we have acquired the retail sales data for the first nine months of 2024. Throughout the year, automobile manufacturers officially announce their annual sales targets. We now possess exact figures that align with our predetermined standards.
Gross Sales Performance Bonus for 2024:
According to a recent analysis by CarNewsChina, two prominent Chinese new-energy vehicle (NEV) manufacturers fell short of their quarterly gross sales targets, with both companies failing to meet the 30% mark. The two Chinese electric vehicle manufacturers are Avatr and NIO. The company’s gross sales quantities for the first nine months of 2024 were 27,446 and 56,456 items, respectively. The novel electric vehicle manufacturers faced a dual challenge. Due to intense competition in China’s marketplace, the main concern lies in insufficient gross sales volume. One notable disadvantage is the unrealistic expectation of substantial revenue growth, which can lead to disappointment and potentially undermine team morale. The Avatar’s gross sales goal for 2024 is set at $100,000. As Neta strives to reach her ambitious goal of 200,000 items,
By September 2024, the subsequent three manufacturers had successfully reached 30-40 percent of their annual gross sales objectives. During this period, IM Motors, a joint venture between SAIC and Alibaba, achieved a remarkable 30.7% of its target to produce 130,000 units. XPeng Gou, a Chinese electric vehicle (EV) manufacturer, managed to achieve 34.3 per cent of its target gross sales for the year, amounting to approximately 96,400 units. According to preliminary data, the gross sales target for GAC Aion was successfully met with a notable 36.3% achievement. The ambitious target of GAC Aion is to catalog an astonishing 700,000 items, no small feat.
The group comprising a 40-50% achievement fee comprises three additional manufacturers. According to recent sales data, the top three electric vehicle (EV) models in China are led by the Seres Aito with a market share of 48.2%, followed closely by BYD’s Denza at 44.9%, and Changan’s Deepal trailing behind with 41.6%. Their respective annual gross sales targets are: 280,000 items, 200,000 vehicles, and 600,000 automobiles.
Among manufacturers achieving an objective achievement fee ranging from 50% to 60%, notable entities include Dongfeng’s Voyah at 52.5%, Stellantis-backed Leapmotor with a 56.9% rate, and BYD, boasting a 59.1% success rate. While several companies have set ambitious targets, BYD aims to reach a significant milestone with a gross sales goal of approximately four million vehicles. Leapmotor aims to propel its sales by promoting 300,000 vehicles globally. The company sets its sights on selling 100,000 Voyah vehicles.
Three manufacturers stand out for their exceptional performance, boasting a collective gross sales goal achievement rate of more than 60 percent. Chinese electric vehicle (EV) startups dominated the list of top performers in 2020, with Zeekr, Nio, and Li Auto leading the way. Li Auto slashed its annual gross sales target in half this year. As a result, the target was reduced from 800,000 to 480,000 units. NIO has revised its sales target downward compared to the 2023 goal, setting a new objective of 230,000 vehicles for 2024, a decrease from the previously planned 245,000 units in 2023. Despite this, the top three Chinese NEV manufacturers are actually ranked among the best by other industry players. The standard gross sales objective achievement fee typically stands at a rate of 47%.
Majority of industry leaders can likely hit their revenue projections.
According to a CarNewsChina analysis, Chinese new energy vehicle (NEV) manufacturers tend to account for 30-35% of their overall annual sales volume in the last quarter of the year. Many automakers are unlikely to meet their sales targets. Assuming a reasonable probability exists that Zeekr, NIO, and Li Auto can attain their respective targets. Others seem prone to overestimating their abilities and potential.
