China’s new energy passenger vehicle wholesales surge 30.1% YoY in October 2023

Beijing (Gasgoo)- The Chinese new energy passenger vehicle (NEPV) market continued to surge in October, registering robust growth in both wholesale sales and export figures. 

With an impressive year-on-year growth of 30.1% and a month-on-month rise of 5.7%, China’s wholesale sales of locally-produced NEPVs reached 883,000 units in October 2023, according to data provided by the China Passenger Car Association (CPCA). The persisted positive trend affirms the market's vitality and resilience.

XPeng vehicles; photo credit: XPeng

This remarkable performance throughout October contributed significantly to the year-to-date NEPV wholesale sales tally, which soared to 6.8 million units. This translates to a substantial 35.5% year-on-year growth, highlighting the sustained interest and consumer demand for new energy vehicles in China.

One of the standout indicators in October was the surge in the wholesale penetration rate of new energy vehicles, which reached 36.2%, up 5.3 percentage points compared to October 2022. NEPVs accounted for 51% of Chinese indigenous brands’ total passenger vehicle (PV) wholesale volume last month, while wholesale volume of luxury auto brands showcased a 28.9% NEPV penetration rate. In contrast, mainstream joint venture brands lag behind, with a more modest penetration rate of just 6.4%. 

Breaking down the figures, the wholesales performance of battery-electric vehicles (BEVs) and plug-in hybrid electric vehicles (PEHVs) were particularly noteworthy. In October, 585,000 BEVs were sold by automakers in China, recording a year-on-year growth of 14.4% and a month-on-month growth of 3.7%. On the other hand, PHEV sales surged 78.2% from a year ago to 298,000 units, constituting an impressive 34% of the total NEPVs sold in the month.

In October, 10 out of 25 vehicle models whose wholesale sales exceeded 20,000 units were NEPV models. Notably, NEPVs also took the top 5 spots on the list, which were the BYD Song (63,965 units), the Model Y (47,164 units), the BYD Seagull (43,350 units), the BYD Qin (42,767 units), and the BYD Yuan (41,449 units). 

Photo credit: Tesla

Export of NEPVs in October reached 112,000 units, reflecting a year-on-year growth of 8.2% and a significant month-on-month increase of 22.9%. BEVs constituted a dominant share of this month’s NEPV export at 90.3%. As China's new energy vehicle industry continues to expand and gain recognition in overseas markets, supported by a growing service network, the outlook for the export market remains promising.

Several car manufacturers contributed significantly to the October export figures. Tesla China, a prominent player, led the way with 43,489 units, followed by BYD at 30,521 units, and SAIC Motor Passenger Vehicle at 14,550 units. Notably, Chinese NEPV startups have also begun to make their mark overseas, signaling a promising future in this segment.

Photo credit: BYD

In conclusion, October performance showcased the strength and resilience of China's NEPV industry. BYD's successful ranges of BEV and PHEV models solidified the company’s leadership in the Chinese auto market. Meanwhile, established traditional automakers such as Changan, SAIC Motor, GAC Group, and Geely continued to exhibit their commitment to the new energy vehicle segment. 

The expansion of market offerings has resulted in an expanded market base, with 17 manufacturers seeing their NEPV wholesale sales exceed 10,000 units in October. These manufacturers accounted for a significant 88.8% of the total NEPV wholesale volume in the past month. Key contributors to this success included BYD (301,095 units）, Tesla China (72,115 units), Geely (62,086 units), Changan (53,990 units), SAIC-GM-Wuling (44,626 units), GAC AION (41,503 units), Li Auto (40,422 units), Great Wall Motor (30,461 units), XPeng (20,612 untis), SAIC Motor Passenger Vehicle (20,472 units), Leapmotor (18,202 units), NIO (16,074 units), SAIC Volkswagen (15,603 units), SERES (14,645 units), NETA Auto (12,085 units), Chery Auto (11,307 units), and SAIC-GM (10,003 units).