Soaring electric vehicle sales fueling China market

Release time：2024-05-08 00:55:53 Source：Stellar Signals news portal

Xpeng demonstrates its electric vehicle at the Guangzhou auto show in November. [CAO YINGYING/CHINA DAILY]

NEV sales have continued their upward trajectory in China, the world's largest market for such vehicles, according to carmakers and industry associations.

The nationwide wholesale deliveries of electric vehicles and plug-in hybrids were expected to hit 940,000 units in November, up 29 percent year-on-year, while total sales in the first 11 months of this year are estimated to have reached 7.74 million units, up 35 percent year-on-year, said the China Passenger Car Association.

Cui Dongshu, secretary-general of the CPCA, said NEV sales in 2023 would reach the association's estimated figure of 8.5 million units, as many automakers, both startups and established companies, experience growing momentum.

Nio sold 15,959 electric vehicles in November, representing a year-on-year increase of around 60 percent. The New York-listed startup saw its cumulative deliveries from January to November reach over 142,000 units, up 33 percent from the same period last year.

Deliveries from other startups, including Xpeng and Aito soared even higher in November. Backed by Chinese technology giant Huawei, Aito sold 18,827 vehicles during the month, up 127 percent year-on-year, while Leapmotor, which has partnered with Stellantis, delivered 18,508 units in November, up 130 percent year-on-year. Its sales in the first 11 months reached 125,537 units, up 22.27 percent from the same month last year.

Meanwhile, established automakers are also making headway in the sector. BMW Group announced last week its cumulative NEV sales in China had eclipsed 300,000 units, including 78,600 in the first 10 months if this year — up 211 percent year-on-year.

BMW also said it has inked a deal with Mercedes to build a joint venture to run a charging network in China, which is expected to boost their transition toward electrification.

The first charging stations are planned to begin operation in 2024, according to the agreement. By the end of 2026, they are expected to build a network of at least 1,000 high-power charging stations with around 7,000 high-power charging piles.

Volkswagen, the most popular international automaker in China, is likewise picking up speed in the NEV sector, with new additions to its electric ID. series, including the ID. 7 VIZZION, scheduled to hit the market on Friday.

The company said it is developing an EV platform specifically for the Chinese market, based on its global MEB platform, to meet the demands of local customers, with the first model scheduled to roll out in 2026.

Great Wall Motor, China's largest SUV and pickup truck maker, saw its NEV sales in November soar 143 percent year-on-year to hit 31,248 units — the eighth consecutive month the Hebei province-based automaker had seen its NEV sales grow.

In the first 11 months of this year, GWM's total NEV sales hit 232,145 units, up 92 percent from the same period last year.

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