In November, the Chinese EV market witnessed a mix of performances. While some companies like BYD, Geely, and Xpeng showed growth, others like Li Auto and Nio faced exceptions. Let's delve into the details.

Unveiling the Dynamics of China's EV Market in November

BYD's Dominance and Market Shifts

BYD sold 504,003 passenger NEVs in November, experiencing a 0.7% increase from the previous month and a remarkable 67.2% growth from the same period last year. In 2024 (Jan-Nov), the company's sales reached 3,740,930 passenger NEVs, up 40% from the previous year. Its BEV sales in November were 198,065, up 4.5%, while PHEV sales decreased by 1.6% to 305,938 units. The gap between BEV and PHEV sales was widening in 2024, with BEV accounting for 56.1% in December 2023 and 37.9% in October 2024. However, in November, BEV's share rose slightly to 39.3%, and PHEV sales decreased to 60.7%. BYD also stopped selling ICE-only vehicles in 2022. Its sales data include all brands like Denza, Fang Cheng Bao, and Yangwang. Yangwang, the premium brand, delivered only 302 vehicles in November, continuing the sales decline from March. Fang Cheng Bao sold 8,521 vehicles in November, up 41.4% from October. Denza sold 10,002 vehicles in November, up 7.2% from October and down 15.6% from last year.

Geely's Steady Growth

Geely Auto secured the second spot with 122,453 sold NEVs in November, up 12.6% from October and 88.3% from the previous year. In 2024 (January - November), Geely Auto delivered 777,029 NEVs, up 82% from the same period last year. Its NEV sales include main brands and series like Zeekr, Lynk&Co, Geely, and Geely Galaxy. Zeekr achieved record-breaking deliveries of 27,011 units in November, up 7.8% from October and 106.1% from the previous year. In 2024 (January - November), Zeekr delivered 194,933 EVs, up 85.5% from the same period last year.

Other Players and Their Performances

Changan got the third spot with 100,000 NEV sales, up 17.6% from October. Its sales include brands Avatr, Deepa, and Qiyuan. Avatr sold 11,579 EVs, up 15% from October. Deepa achieved record-breaking sales of 36,026 units in November, a 29.3% increase from October and a 123.0% rise from the same month last year.Li Auto reported deliveries of 48,740 units in November, down 5.3% from October but up 18.8% from the same month last year. In 2024 (January - November), Li Auto delivered 441,995 EVs, up 35.7% from the previous year.GAC Aion sold 42,301 units in November, a 5.6% increase from October and a 1.8% rise compared to the same month last year.HIMA reported sales of 41,931 units in November, a slight increase of 0.7% from October. It is Huawei's EV alliance including brands Aito, Luxeed, Stelato, and Maextro.Stellantis-backed Leapmotor achieved record-breaking sales of 40,169 NEVs in November, a 5.2% increase from October and a 117.0% surge from the same month last year.Great Wall Motor reported NEV sales of 35,999 units in November, up 12.4% from October and 15.2% from the previous year. Its sales include brands Haval, Wey, Tank, and Ora.Volkswagen-backed Xpeng reported sales of 30,895 units in November, up 29.2% from October and 54.2% from the same month last year. In 2024 (January - November), Xpeng delivered 153,373 EVs, up 26.2% from the previous year. Xpeng sales include its series Mona, which delivered over 10,000 units in November. Mona currently sells only one car, the Mona M03 sedan, a Tesla Model 3 competitor launched in August.Xiaomi posted sales of 20,000+ units of its only model, SU7. According to China EV DataTracker, November deliveries were 21,955 units, a 6.1% growth from October. Xiaomi started deliveries of the Xiaomi SU7 sedan in March, and its second car, an electric SUV, will be unveiled in early 2025. Xiaomi cumulative sales reached 112,516 EVs in November.Nio reported global EV sales of 20,575 units in November, a slight decrease of 1.9% from October but up 28.9% from last year. In 2024 (January - November), Nio delivered 190,832 EVs, up 34.4% from the same period last year. Nio sales include the sales of its entry-level brand Onvo. Nio brand delivered 15,493 EVs in November, down 2.9% from last year and 7% down from October. Onvo delivered 5,082 EVs, up 17.7% from October. Last week, Onvo president Alan Ai affirmed the December delivery target to be over 10,000 units, requiring a nearly 100% month-over-month growth. Onvo's only model is the L60 SUV, launched in September in China as a Tesla Model Y competitor, starting at 206,900 yuan (28,580 USD) with specific features.SAIC-VW, Volkswagen's Chinese joint venture with Shanghai Auto, sold 14,360 NEVs under the ID. series in November, mostly flat from October.Baidu-Geely venture Jiyue sold 2,485 EVs, down 20% from October.