Oct 02, 2024 04:52 PM
BUSINESS
Major Chinese EV-Makers Have Record Month for Sales
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XPeng attributed its strong September sales to the popularity of the Mona M03. Photo: IC Photo
China’s key electric-vehicle (EV) makers set monthly delivery records in September as government subsidies and price cuts gave sales in the fiercely competitive industry a boost.
BYD Co. Ltd. (002594.SZ), the country’s top EV-maker, sold 419,426 vehicles in September, according to an exchange filing Tuesday. The figure, which consisted of 164,956 battery EVs and 252,647 plug-in hybrids, marked a 45.9% year-on-year increase and a new monthly sales record.
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- Chinese electric vehicle (EV) makers, including BYD, Li Auto, Nio, XPeng, Xiaomi, and Huawei, achieved record sales in September due to government subsidies and price cuts.
- Major sales increases: BYD (45.9%), Li Auto (48.9%), Nio (35.4%), and XPeng (39%) year-on-year, with newcomers like Zeekr and Leapmotor also reporting strong growth.
- Increased government incentives for replacing older vehicles boosted new-energy vehicle sales, with August hitting a record 990,000 vehicle sales, a 30.9% year-on-year rise.
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Who’s Who
- BYD Co. Ltd.
- BYD Co. Ltd. (002594.SZ) is China's top EV maker, selling 419,426 vehicles in September, which included 164,956 battery EVs and 252,647 plug-in hybrids. This marks a 45.9% year-on-year increase and a new monthly sales record, driven by government subsidies and price cuts.
- Li Auto Inc.
- Li Auto Inc. delivered 53,709 new vehicles in September, marking a 48.9% year-on-year increase and a new high for the company. During one week last month, Li Auto's deliveries surpassed luxury brands Mercedes-Benz, BMW, and Audi for the first time. CEO Li Xiang stated that they are poised to surpass the 1-million-vehicle delivery milestone this month.
- Nio Inc.
- Nio Inc. delivered 21,181 vehicles in September, marking a 35.4% year-on-year increase. The company's new sub-brand Onvo began deliveries of its midsize L60 SUV, contributing to a record quarter. Nio is focusing on a diversified product lineup to capture more of the competitive market.
- XPeng Inc.
- XPeng Inc. reported a 39% year-on-year increase in deliveries for September, setting a new monthly sales record with 21,352 vehicles. The sales surge was driven by the popularity of the Mona M03, an all-electric hatchback coupe launched in late August. XPeng has expanded production capacity to meet demand.
- Xiaomi Inc.
- Xiaomi Inc. reported deliveries of over 10,000 vehicles in September, marking the fourth consecutive month it achieved its sales target. The electronics giant is on track to meet its annual goal of 100,000 vehicle sales by November, according to the company on Tuesday.
- Huawei Technologies Co. Ltd.
- Huawei Technologies Co. Ltd. reported delivering 39,931 electric vehicles (EVs) under its Harmony Intelligent Mobility Alliance in September. This figure showed an increase from August but remained below the June peak of 456,000 vehicles. The tech giant supplies partner automakers with smart driving technologies.
- Geely Automobile Holdings Ltd.
- Geely Automobile Holdings Ltd.'s premium EV brand Zeekr delivered a record 21,333 vehicles in September. The increase was partly driven by the launch of two models in Europe through its partnership with Stellantis NV, the owner of the Chrysler and Fiat brands.
- Zhejiang Leapmotor Technology Co. Ltd.
- Zhejiang Leapmotor Technology Co. Ltd. delivered a record 33,767 vehicles in September, marking a 113.7% year-on-year increase. The strong performance was partly driven by the launch of two models in Europe through its partnership with Stellantis NV, the owner of Chrysler and Fiat brands.
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What Happened When
- June 2024：
- Huawei Technologies Co. Ltd. reached a peak delivery of 456,000 vehicles.
- July 2024：
- The National Development and Reform Commission and the Ministry of Finance announced an increase in incentives for consumers who replace older cars with new ones.
- August 2024：
- Domestic NEV sales jumped 30.9% year-on-year to 990,000 vehicles.
- Late August 2024：
- XPeng launched the Mona M03, an all-electric hatchback coupe.
- September 2024：
- BYD Co. Ltd. sold 419,426 vehicles, marking a new monthly sales record.
- September 2024：
- Li Auto Inc. delivered 53,709 new vehicles, reaching a new high.
- September 2024：
- Nio Inc. delivered 21,181 vehicles, marking a 35.4% year-on-year rise.
- September 2024：
- XPeng Inc. delivered 21,352 vehicles, setting a new monthly sales record.
- September 2024：
- Xiaomi Inc. reported deliveries of more than 10,000 vehicles.
- September 2024：
- Huawei Technologies Co. Ltd. delivered 39,931 EVs.
- September 2024：
- Geely's premium EV brand Zeekr delivered 21,333 vehicles.
- September 2024：
- Zhejiang Leapmotor Technology Co. Ltd.'s deliveries surged to 33,767 vehicles.
AI generated, for reference only
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