China posts YoY jump in new energy passenger car wholesales, exports in Sept. 2024

Beijing (Gasgoo)- China's new energy passenger vehicle (NEPV) production reached 1.219 million units in September 2024, shooting up 51.5% from the year-ago period while jumping 16.2% from the previous month. In September, China’s NEPV wholesales stood at 1.231 million units, surging 48.1% year on year and rising 17.2% month on month, according to data provided by the China Passenger Car Association.

In the first three quarters of this year, China’s NEPV production totaled 785.9 million units, growing 32.8% year over year, while wholesales hiked up 33.7% from a year ago to 790.1 million units.

Last month, NEPVs accounted for 49.1% of the total passenger cars wholesaled by automakers in China, up 15 percentage points from the same month last year. Specifically, the share of NEPV wholesales was 64% for China’s indigenous brands, 40% for luxury brands, and 6.2% for mainstream joint-venture brands.

C10; photo credit: Leapmotor

In terms of September performance of different powertrain solutions, battery-electric vehicle (BEV) wholesales amounted to 723,000 units, representing a 27.1% year-on-year jump. Meanwhile, wholesales of plug-in hybrid electric vehicles (PHEVs) zoomed up 102.2% year over year to 394,000 units. Range-extended electric vehicles (REEVs) saw their monthly wholesale volume reach 114,000 units, which grew 68.4% from a year ago. The wholesale mix was made up by 59% BEVs, 32% PHEVs, and 9% REEVs in the past month.

Model-wise, a total of 23 passenger vehicle models achieved a monthly wholesale volume of over 20,000 units in September. Among them, these NEPV models performed quite well: the BYD Song (62,030 units), the Model Y (51,152 units), the BYD Seagull (43,425 units), the BYD Qin L (43,006 units), the BYD Seal 06 (42,300 units), the Model 3 (37,169 units), the BYD Qin (32,779 units), the BYD Yuan (31,515 units), the Wuling Binguo (27,806 units), the Song L (27,105 units), the Wuling Hongguang MINIEV (26,121 units), the Li L6 (25,393 units), the BYD Han (24,525 units), and the BYD Dolphin (20,346 units).

Model Y; photo credit: Tesla

In the past month, a total of 21 automakers saw their respective NEPV wholesale volume exceed 10,000 units, with their combined NEPV wholesales making up 92.7% of the country’s monthly total. The top three were BYD (417,603 units), Geely Auto (91,134 units), and Tesla China (88,321 units).

As to China’s NEPV retail market in September, there were 1.123 million NEPVs sold via retail, representing a year-on-year spike of 50.9%. In the first nine months of this year, China’s NEPV retail volume summed up to 7.132 million units, up 37.4% from a year ago. NEPVs constituted 53.3% of the China’s total passenger car retail volume in the past month, rising 16.4 percentage points year on year.