Chinese new energy vehicle (NEV) makers achieved less than half of their sales target on average by the end of Q3 2024, according to the data monitored by CarNewsChina. The worst goal achievement rate is 27.4%. And the highest is 71.2%.
Our comprehensive research included fourteen well-known Chinese NEV brands. We have obtained the retail sales data for the first nine months of 2024 based on the CPCA statistics and automakers’ monthly reports. During the year, automakers officially announced their annual sales target. So, we have compared actual figures with the desired ones.
Sales target achievement rate in 2024
According to CarNewsChina research, two Chinese NEV brands achieved less than 30% of their sales target. These brands are Avatr and Neta. Their sales volume from January to September 2024 is 27,446 and 56,456 units, respectively. These NEV makers faced two problems. The first one is low sales volume due to fierce competition in the Chinese market. The second problem is an overestimated sales goal. The Avatr’s sales target for 2024 is 100,000. And Neta has a goal of 200,000 units.
The next three brands achieved 30 – 40% of the annual sales goal by September 2024. Among them, IM Motors from SAIC and Alibaba made 30.7% of the goal of 130,000 units. Xpeng completed 34.3% of its sales target of 280,000 cars. And GAC Aion achieved 36.3% of the sales goal. It is worth mentioning that GAC Aion has a really high target of 700,000 units.
The group with the achievement rate of 40 – 50% includes three more brands. They are Changan’s Deepal with 41.6%, BYD’s Denza with 44.9%, and Seres’ Aito with 48.2%. Their annual sales targets are 280,000 units, 200,000 cars, and 600,000 vehicles, respectively.
Three brands with the goal achievement rate between 50% and 60% are Dongfeng’s Voyah (52.5%), Stellantis-backed Leapmotor (56.9%), and BYD (59.1%). Among them, BYD has a sales target of 4 million cars. Leapmotor aims to sell 300,000 cars. And Voyah has a sales target of 100,000 vehicles.
And there are three brands with a sales target achievement rate above 60%. They are Zeekr (62.1%), Nio (64.9%) and Li Auto (71.2%). We will underline that Li Auto sliced its annual sales target twice this year. As a result, this goal dropped from 800,000 to 480,000 cars. Nio also lowered its sales goal compared with the 2023 target (230,000 units in 2024 against 245,000 cars in 2023). However, these three brands are in the top 3 among other NEV makers in China. The average sales goal achievement rate is 47%.
What brands can possibly reach their sales targets?
According to CarNewsChina research, Chinese NEV makers sell 30 – 35% of their annual sales volume in the last three months of the year. So, most of the automakers in this list most likely won’t achieve their sales targets. We assume there is a chance for Zeekr, Nio, and Li Auto to reach the desired numbers. But others seem to overestimate themselves.
