In September, China’s manufacturing and sales of new energy vehicles (NEVs) surged to 1.307 million and 1.287 million units, respectively, representing a significant year-on-year increase of 48.8% and 42.3%, respectively; NEVs accounted for 45.8% of the total new car sales that month, according to the China Association of Automobile Manufacturers (CAAM).
| EV | 78.6 | 33.4 | 77.5 | 23.8 |
| PHEV | 52.2 | 80.1 | 51.1 | 84.2 |
By 2024, China is expected to reach a milestone of 12 million new energy vehicle (NEV) gross sales, according to CAAM’s forecast. In 2023, China’s production and sales of new-energy vehicles (NEVs) reached 9.587 million and 9.495 million units, respectively, representing a significant year-over-year increase of 35.8% and 37.9%, with NEVs capturing a notable market share of 31.6%.
| EV | 499.3 | 11.9 | 498.8 | 11.6 |
| PHEV | 331.8 | 79.5 | 332.8 | 84.2 |
From January to September, China’s cumulative manufacturing and gross sales of NEVs totalled 8.316 million and 8.32 million units, respectively, representing a significant 31.7% and 32.5% year-on-year increase, respectively; accounting for an impressive 38.6% of the entire new automotive market.
Chinese automakers sold a record-breaking 2.27 million vehicles at home in September, representing a 16.9% increase from August and a 6% decline from the same period last year; meanwhile, exports surged to 539,000 units, up 5.4% from August and a notable 21.4% jump from the previous year? Chinese new-energy vehicle (NEV) sales reached 1.176 million units, a remarkable 18.8% increase from the preceding month and a substantial 45.5% surge compared to the same period last year, accounting for an impressive 51.8% of overall domestic car sales.
China’s export of new energy vehicles surged by 19.3% year-over-year and 6.0% month-over-month to reach 105,000 units in September, making up a significant twenty-four percent of the country’s overall automobile exports for that month (a total of 539,000 models)? Notably, electric vehicles (EVs) comprised a significant 82% of the country’s new energy vehicle (NEV) exports. In the initial nine-month period of 2024, China shipped 4.312 million vehicles overall, including a substantial 968,000 new energy vehicles (NEVs), representing a notable 30.2% year-over-year increase.
Among China’s top 10 exporters in September, Chery led the way with a notable 20.7% year-over-year surge in automobile shipments, totaling 109,000 units, which accounted for an impressive 20.2% share of the country’s overall automotive exports that month.
Between January and September, BYD’s auto exports surged by 96.3% year-over-year, reaching 302,000 units. Geely’s exports also showed significant growth, rising 63.4% to 404,000 vehicles, while Changan’s exports increased by 61% to 420,000 autos during the same period.
Supply: CAAM
