According to the latest China EV news, In November 2024, sales of electric vehicles in China went up to 1.29 million units in September, with a 42.3% year-over-year increase and NEVs now accounting for 51.8% of all vehicle sales.
China’s production of electric vehicles has finally crossed 10 million units as of November 2024. The total manufacturing capacity of 40 million vehicles a year, sales are now around 22 million units.
In the first ten months of 2024, close to 9.75 million EVs were sold – a growth of 34% over the previous year.
NEV sales in October alone reached a record 1.43 million units contributing to a year-to-date figure of nearly 10 million NEVs produced
Battery electric vehicles and plug-in hybrid electric vehicles have also posted growth. PHEVs have recorded a 80.73% growth compared to last year.
China is in the lead in the global EV market with the country accounting for approximately 60% of all plug-in vehicle sales in 2024.
Chinese EV manufacturers face challenges from international competitors like Tesla. In response, local manufacturers are enhancing their own autonomous driving capabilities to maintain competitiveness.
Analysts predict that China’s annual NEV production could exceed 12 million units by the end of 2024.
According to the latest China EV news reports, the China Association of Automobile Manufacturers estimates that total NEV sales will reach approximately 11.5 million units by the end of the year, a 21% increase from the 9.495 million units sold in 2023.
In October 2024, NEV wholesale sales reached a record 1.4 million units, or a 58% year-over-year increase and a 14% rise from September. This is on the heels of a record-breaking September, in which 1.287 million NEVs were sold, an over 42% increase compared to last year.
CAAM indicates that NEV penetration into the overall vehicle market will hit 40% at the end of 2024.
New EV Model Launches by Chinese Companies (November 2024)
On November 7, Xpeng launched the new electric sedan P7+, which very quickly gained interest, with orders over 31,500 within three hours of its release.
BYD marked a milestone by producing its 10 millionth new energy vehicle on November 15, 2024.
Nio is readying a new sub-brand called Firefly, which will be released during its Nio Day, scheduled for December 21, 2024. This sub-brand will target the budget market, priced between RMB 100,000 and RMB 200,000.
Xpeng launched the Kunpeng Super Electric System, an extended-range charging system designed for hybrid vehicles.
Top Companies in China’s Electric Vehicle Market (November 2024)
BYD has dominated the Chinese NEV market, holding 35% of it in 2023, BYD sold more than 3 million new energy vehicles that year including battery electric vehicles and plug-in hybrids.
Tesla holds the second position with a 7.8% market share, Tesla sold around 603,664 units in China in 2023. The company focuses on premium electric vehicles and has a strong presence through its Shanghai Gigafactory.
GAC Aion ranks third with 483,632 units in retail sales and a 6.3% market share. All the models of GAC Aion are BEVs.
Li Auto ranked seventh with 376,030 units and 4.9% of the market share for retail sales in 2023. The company gained the momentum by offering vehicles which could combine electric driving and gas backup.
Even though Nio is ranked at the ninth position with a market share of 2.1% and sales of 160,038 units, the brand is famous for its premium BEVs and battery swap technology.
Geely sold nearly 145,791 units globally in reports and still innovates through partnerships with brands like Volvo.
SAIC manufactures a vast portfolio of vehicles under the MG and Wuling brands. The company is highly invested in electric mobility and ranks third in NEV sales.
Leapmotor is a new entrant ranking tenth in the NEV market with sales of 144,155 units.
China EV Expansion into Global Markets and Regulations (November 2024)
In August 2024, China exceeded 1 million EV sales in a single month. This figure includes both battery electric vehicles and plug-in hybrid electric vehicles with BEVs alone accounting for over 30% of total vehicle sales in that month.
The trend continued by September 2024 with 1.29 million NEV sales, which represented a 42.3% year-over-year increase. The total projections for China reveal that the country may achieve 12 million in total EV sales by the end of 2024.
China accounted for nearly 60% of all plug-in vehicle sales this year. Growth is not limited to domestic sales, international demand is also increasing.
According to the latest China EV news reports, In August 2024, China exported 99,000 NEVs, a 23.7% year-over-year rise.
A trend that indicates more focus is being put on enlarging market footprints for China like Brazil and Thailand, the latter of which has reportedly seen Chinese brands capture giant market shares 76 percent in Brazil and 77 percent in Thailand.
Chinese EV manufacturers face issues due to higher tariffs in places such as the US and Europe where the perception of unfair subsidies prevails. According to the International Energy Agency, by 2030, electric cars will comprise 50 percent of all car sales around the world.
China’s EV sales are going to reach around 10 million units by the end of 2024. This also is in line with estimates that sales will increase by one-third year over year compared to 2023.
New energy vehicles are expected to take around 46% of China’s total passenger vehicle sales for 2024 versus 36% in 2023.
Sales of battery electric vehicles are expected to keep growing but at a slower rate than PHEVs. In the first half of 2024, BEV sales were around 3.02 million units with expectations for further growth since demand is expected to bounce back from previous declines.
Plug-in hybrid electric vehicles are expected to continue their growth as they have jumped by about 85% year-over-year in early 2024.
In July 2024, the Chinese government announced an increase in cash subsidies for consumers purchasing electric vehicles. The subsidy was raised from 10,000 yuan to 20,000 yuan for those replacing conventional vehicles with EVs.
China continues to implement its dual-credit system, which mandates that automakers produce a certain percentage of electric vehicles in their fleets.
Though the central government rescinded direct subsidies for it at the end of 2022, it kept an exemption on 10% sales tax on purchase of an EV. That exemption also is to sunset by 2027.
Reports state that prices of many electric vehicles have dipped by average 10% in early 2024 because of intense competition kicked in by leading players like BYD.
The latest reports of China EV news indicate that the Chinese electric vehicle market is expected to be huge, with estimates suggesting an annual growth in sales of 106.2% and reaching a sum of about $506.9 billion by the end of 2024.
Electric vehicles are free from a 10% sales tax, which would save consumers thousands of yuan. This tax exemption has been extended until at least 2027.
The Chinese government actively promotes the development of EV charging stations as part of its national policy.
Targets have been set for the construction of charging facilities with huge investments made to ensure access. As of now, China has over 800,000 public charging stations.
China EV Startups November 2024
DeepRoute: This autonomous driving startup raised $100 million in Series C1 funding from Great Wall Motor. This will be used to develop its smart driving solutions.
Edrive Space: Funding for November was not provided, but Edrive Space did close a Series B round in October 2024.
Kusa Technology: This startup raised seed funding of about $1.1 million in October 2024.
China EV news reports indicate that as of November 14, 2024, the nation had reached an electric vehicle milestone of 10 million units produced. Delivery year on year has recorded a growth of 34% for deliveries, at 9.75 million units in the first ten months of the year.
The International Energy Agency has estimated that by 2030, 70% of new car sales in China will be electric, which could displace up to 6 million barrels per day of oil demand globally.
Chinese EV manufacturers are competing on technological fronts particularly in semiconductor-driven features such as driver-assist systems.
In September 2024, the sales of EVs in China hit a record high of 1.29 million units, with a year-over-year growth of 42.3%. EVs now make up 51.8% of all vehicle sales.
By August 2024, new energy vehicles had accounted for more than half of all vehicle sales in China, and BEVs led the market. Canada has slapped a 100% tariff on Chinese-made EVs.
The China electric vehicle market is expected to expand further with estimates indicating that growth will be at USD 421.9 billion, CAGR of 20.44% from 2023 to 2028.
NEVs accounted for 53.8% of total passenger vehicle sales in China as at August 2024 while in July, it accounted for 51.1%. Sales of PHEVs nearly doubled in Q2 2024 as compared to the same quarter last year.
According to the latest China EV news reports, Plans are underway to build enough charging stations for 20 million electric vehicles by 2025.
China exported 99,000 NEVs in August 2024, a 23.7% increase year-over-year.
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