November 2024 China EV Market Analysis: BYD Leads While Others Show Varied Growth Trends

China’s electric vehicle (EV) market displayed mixed performance in November 2024, showcasing growth for several automakers while others experienced declines. Dominating global EV sales, Chinese manufacturers continued to reshape the industry landscape with significant domestic and international market activity. Let’s delve into November's numbers and explore what they mean for the industry.

Market Overview

The November EV market saw a general upward trend in deliveries for major players, excluding Li Auto and Nio. BYD led the charge with over half a million NEVs (New Energy Vehicles) sold, while Geely and Changan showed robust growth. However, brands like Xiaomi and Nio reported more modest results.

• BYD: Sold 504,003 units, marking a slight 0.7% rise from October and a remarkable 67.2% increase from November 2023.

• Geely Auto: Achieved 122,453 sales, up 12.6% month-over-month and 88.3% year-over-year.

• Changan: Reported sales of 100,000 units, a 17.6% increase from October.

• Other significant players included Xpeng, with a notable 29.2% growth, and Xiaomi, showing a 6.1% rise.

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Brand Performance Highlights

Here's a brief recap of the sales highlights

BYD: Dominating the Market 

BYD maintained its market leadership with robust sales of 504,003 passenger new energy vehicles (NEVs), representing a 0.7% month-over-month increase and an impressive 67.2% year-on-year growth.

• BEV Sales: Increased by 4.5% to 198,065 units

• PHEV Sales: Slightly decreased by 1.6% to 305,938 units

• Year-to-Date Performance: 3,740,930 NEVs sold, surpassing the official target of 3.6 million Key Brands:

• Yangwang Premium brand delivered 302 vehicles

• Fang Cheng Bao sold 8,521 units, up 41.4%

• Denza achieved 10,002 deliveries, up 7.2% from October

Geely Auto: Strong Growth Trajectory 

Geely Auto secured the second position with 122,453 NEV sales, demonstrating significant growth.

• Monthly Performance: 12.6% increase from October

• Year-on-Year Growth: 88.3% surge compared to the previous year

• Year-to-Date Total: 777,029 NEVs, an 82% increase Key Brands:

• Zeekr set a record with 27,011 deliveries

• 106.1% year-on-year growth for Zeekr

• Included Lynk&Co and Geely Galaxy series

Changan: Steady Expansion 

Changan secured the third spot with 100,000 NEV sales, showing consistent market growth.

• Monthly Performance: 17.6% increase from October

• Key Brands:

• Avatr sold 11,579 EVs, up 15% from October

• Deepal achieved record-breaking sales of 36,026 units

• 123% year-on-year increase for Deepal

Li Auto: Resilient Performance 

Li Auto delivered 48,740 units in November, demonstrating market resilience.

• Monthly Performance: 5.3% decrease from October

• Year-on-Year Growth: 18.8% increase

• Year-to-Date Total: 441,995 EVs, up 35.7% from last year

GAC Aion: Modest Growth 

GAC Aion maintained a steady performance with 42,301 units sold.

• Monthly Performance: 5.6% increase from October

• Year-on-Year Growth: 1.8% rise from previous year

HIMA

HIMA reported 41,931 units, showing minimal growth.

• Monthly Performance: 0.7% increase from October

• Key Brands: Aito, Luxeed, Stelato, and Maextro

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Leapmotor 

Leapmotor achieved record-breaking sales of 40,169 NEVs.

• Monthly Performance: 5.2% increase from October

• Year-on-Year Growth: Impressive 117% surge from previous year

Great Wall Motor: Consistent Expansion 

Great Wall Motor delivered 35,999 NEV units.

• Monthly Performance: 12.4% increase from October

• Year-on-Year Growth: 15.2% rise

• Key Brands: Haval, Wey, Tank, and Ora

Xpeng: Robust Recovery 

Xpeng reported 30,895 unit sales, showing a strong market comeback.

• Monthly Performance: 29.2% increase from October

• Year-on-Year Growth: 54.2% rise

• Year-to-Date Total: 153,373 EVs, up 26.2%

• Key Product: Mona M03 sedan delivered over 10,000 units

Xiaomi

Emerging Player Xiaomi delivered 21,955 units of its SU7 sedan.

• Monthly Performance: 6.1% growth from October

• Cumulative Sales: 112,516 EVs to date

NIO: Steady Performance 

NIO reported 20,575 global EV sales.

• Monthly Performance: 1.9% decrease from October

• Year-on-Year Growth: 28.9% increase

• Year-to-Date Total: 190,832 EVs, up 34.4%

• Key Brands:

• Nio brand: 15,493 EVs

• Onvo brand: 5,082 EVs

SAIC-VW and Baidu-Geely: Limited Volumes

• SAIC-VW sold 14,360 NEVs under the ID. series

• Baidu-Geely venture Jiyue sold 2,485 EVs, down 20% from October

Export and Global Insights

EV Exports Continue to Soar

China’s electric vehicle (EV) exports are on a steady rise, reaching 111,000 units in September 2024. This marks a slight increase of 0.9% from the previous month and a significant 15.6% jump compared to the same period last year. Despite facing challenges such as higher taxes imposed by certain countries, the momentum in EV exports remains strong, showcasing the global demand for Chinese-made EVs.

Resilient Amid Challenges

Industry experts believe that China’s EV export market will continue to thrive. Supportive domestic policies and a well-established manufacturing ecosystem give Chinese automakers a competitive edge globally. Even as international trade barriers emerge, the consistent growth in export numbers reflects the resilience of China’s EV industry.

Global Impact and the Road Ahead

With China’s EVs now accounting for a larger share of international markets, the ripple effects are becoming apparent. This growth positions the country as a dominant force in the global EV market. Analysts predict that this trend will not only boost China’s export economy but also drive innovation and competitiveness among global players.

The combination of robust domestic support and increasing international demand underlines China’s pivotal role in the transition to greener mobility worldwide.

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Key Market Drivers

Several factors fueled the November sales trends, some of them are:

• Reduced barriers to EV ownership through subsidies, tax relief, and charging infrastructure investments.

• Policies have made EVs more affordable and accessible to the public.

• Compact designs and advanced technology.

• Demand for sustainable transportation.

• Increasing environmental awareness.

• Shaped by government support, urban challenges, economic growth, and consumer preferences.

• Technological advancements and sustainability.

Challenges and Future Outlook

While the market shows immense promise, challenges such as increasing competition, supply chain disruptions, and fluctuating export demand remain. Looking ahead, Chinese EV makers aim to expand production capabilities and enhance their global footprint.

• BYD: Expected to exceed its 2024 sales target, projecting 4.35 million units for the year.

• Xpeng and Nio: Focus on diversifying product lines and boosting export volumes.

China’s EV market in November 2024 highlighted the industry’s dynamic nature, with standout performances from BYD, Geely, and Changan, and steady growth from Xpeng and Xiaomi. As the global EV sector evolves, Chinese manufacturers continue to lead with innovation and strategic market expansion. 

The upcoming months will likely bring further advancements and competition, reinforcing China’s position as a global EV powerhouse.

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