In the fourth week of October, week 43, the Chinese electric vehicle (EV) market showed mixed results, with some major players seeing growth while others experienced a decline. Xiaomi saw a modest increase of 1.79%, BYD grew by 6.70%, Nio by 7.69%, and Tesla saw a significant drop of 20.45% compared to the previous week.
Week 43 of 2024 fell between October 21 and 27, while for year-on-year comparison, we look at week 43 of 2023, which was between October 23 and 29.
The weekly sales data is provided by Li Auto, which is based on insurance registration numbers. These figures represent new energy vehicles (NEVs) sales in China, including battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and extended-range electric vehicles (EREVs). It’s important to note that the data also includes hydrogen vehicles (FCEVs), although their sales are minimal in China.
BYD, a prominent player in the EV market, registered 95,600 vehicles in week 43, showing a 6.70% increase from the previous week. Year-over-year, BYD’s registrations surged by an impressive 84.56%, indicating strong growth from the previous year. The cumulative registrations for October reached 359,000 units.
Li Auto recorded 11,300 registrations, a slight decrease of 6.61% from the previous week. However, year-over-year, Li Auto saw a growth of 13.00% in registrations. The total registrations for October stood at 45,500.
Tesla, on the other hand, experienced a decline in registrations with 10,500 units, down by 20.45% from the previous week. Year-over-year, Tesla’s registrations dropped by 2.78%, with a cumulative total of 34,000 registrations for October.
Other notable players in the market included Aito with 8,700 registrations, maintaining steady numbers, Leapmotor with 8,500 registrations showing a 6.25% increase, and GAC Aion with 6,600 registrations, up by 4.76%. Xiaomi reported 5,700 registrations, a slight increase of 1.79%, while Xpeng saw a notable rise with 5,600 registrations, a 24.44% increase from the previous week.
Zeekr registered 5,100 vehicles, Deepal recorded 5,000 registrations, and Nio registered 4,200 vehicles, showing a 7.69% increase from the previous week. It’s worth noting that Nio’s numbers do not include Onvo, which registered 1,200 units of its L60 SUV.
Overall, the Chinese EV market in week 43 of 2024 showcased a mix of growth and decline among major players, indicating the dynamic nature of the industry. As the market continues to evolve, it will be interesting to see how these trends shape the future of electric mobility in China.
