In September, China’s production and sales of new energy vehicles (NEVs) was 1.307 million and 1.287 million units, respectively, up 48.8% and 42.3% year-on-year, respectively; accounting for 45.8% of the total monthly new car sales, according to the China Association of Automobile Manufacturers (CAAM).
| Vehicle Type | Production (10,000 Units) | YoY (%) | Sales (10,000 Units) | YoY (%) |
| EV | 78.6 | 33.4 | 77.5 | 23.8 |
| PHEV | 52.2 | 80.1 | 51.1 | 84.2 |
CAAM also predicts that China’s NEV sales will reach 12 million units by the end of 2024. For comparison, in 2023, China’s production and sales of NEVs was 9.587 million and 9.495 million units, respectively, up 35.8% and 37.9% year-on-year, with a market share of 31.6%.
| Vehicle Type | Production (10,000 Units) | YoY (%) | Sales (10,000 Units) | YoY (%) |
| EV | 499.3 | 11.9 | 498.8 | 11.6 |
| PHEV | 331.8 | 79.5 | 332.8 | 84.2 |
From January to September, China’s cumulative production and sales of NEVs was 8.316 million and 8.32 million units, respectively, up 31.7% and 32.5% year-on-year, respectively; accounting for 38.6% of the total new car sales.
Looking at the bigger picture, China’s domestic automobile sales were 2.27 million units in September, up 16.9% from the previous month and down 6% from the previous year; automobile exports were 539,000 units, up 5.4% from the previous month and up 21.4% from the previous year. Specifically, Chinese domestic NEV sales were 1.176 million units, up 18.8% from the previous month and up 45.5% from the previous year, accounting for 51.8% of the domestic automobile sales.
In terms of export, China exported 105,000 NEVs in September, up 19.3% year-on-year and 6.0% month-on-month, accounting for 24% of the total monthly vehicle exports (539,000 units) in September. More specifically, EVs accounted for 82% of the NEV exports. For the first nine months of 2024, China exported 4.312 million vehicles, including 968,000 NEVs, up 30.2% year-on-year.
In September, among the top 10 Chinese export brands, Chery exported 109,000 vehicles, up 20.7% year-on-year, accounting for 20.2% of the monthly export volume.
From January to September, from a growth perspective, BYD exported 302,000 vehicles, up 96.3% year-on-year; Geely exported 404,000 vehicles, up 63.4% year-on-year; and Changan exported 420,000 vehicles, up 61% year-on-year.
Source: CAAM
