In September, China’s new energy vehicle (NEV) production and sales were 1.307 million units and 1.287 million units, respectively, an increase of 48.8% and 42.3% year-on-year. According to the China Association of Automobile Manufacturers (CAAM), they account for 45.8% of the total monthly new car sales.
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CAAM also predicts that China’s NEV sales will reach 12 million units by the end of 2024. For comparison, China’s NEV production and sales in 2023 were 9.587 million units and 9.495 million units, respectively, an increase of 35.8% and 37.9% from the previous year. During the year, market share was 31.6%.
From January to September, China’s cumulative production and sales of NEVs were 8.316 million units and 8.32 million units, respectively, an increase of 31.7% and 32.5% year-on-year, respectively. This accounts for 38.6% of all new car sales.
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Overall, China’s domestic car sales in September were 2.27 million units, an increase of 16.9% from the previous month and a decrease of 6% from the previous year. Automobile exports totaled 539,000 units, an increase of 5.4% from the previous month and 21.4% from the previous year. Specifically, NEV sales in China totaled 1.176 million units, an increase of 18.8% from the previous month and 45.5% from the previous year, accounting for 51.8% of domestic car sales.
In terms of exports, China exported 105,000 NEVs in September, an increase of 19.3% year-on-year and 6.0% month-on-month, accounting for 24% of the total monthly automobile exports in September (539,000 units). . Specifically, EVs accounted for 82% of NEV exports. In the first nine months of 2024, China exported 4,312,000 vehicles, including 968,000 NEVs, an increase of 30.2% year-on-year.
Among the top 10 export brands in China, Chery exported 109,000 vehicles in September, an increase of 20.7% from the same month last year, accounting for 20.2% of the monthly export volume.
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From January to September, from a growth perspective, BYD exported 302,000 vehicles, an increase of 96.3% year-on-year. Geely exported 404,000 vehicles, an increase of 63.4% from the previous year. Changan exported 420,000 units, an increase of 61% from the previous year.
Source: CAAM
