China’s EV market saw a significant uptick in the second week of October, with major players like Nio, Xiaomi, BYD, and Tesla all experiencing growth in their sales figures. According to data released by Li Auto, the week 41 of 2024, which ran from October 7 to 13, showed a strong performance across the board.
BYD, a key player in the Chinese EV market, recorded a remarkable 57.10% increase in new registrations, with 106,200 units registered during the week. This marked a 97.03% year-over-year growth for the company, with a total of 173,800 vehicles registered in the first half of October. BYD’s sales are driven by both BEVs and PHEVs, with PHEV sales overtaking BEVs in 2024.
Tesla also saw a substantial spike in registrations, with 8,500 units registered during the week, representing a 372.22% increase from the previous week. So far in October, Tesla has registered 10,300 vehicles, showcasing a 13.33% year-over-year growth.
Li Auto, known for its extended-range electric vehicles (EREVs), registered 13,400 vehicles during the week, reflecting a 54.02% increase from the previous week. The company also announced the production of its one millionth car, highlighting its growing presence in the EV market.
Nio, a prominent player in the Chinese EV scene, saw a slight increase in registrations, with 4,700 units registered during the week. This represented a 34.29% year-over-year growth for the company, with a total of 9,200 vehicles registered in October so far. Nio’s cumulative sales recently reached 600,000 units, with the launch of its Onvo L60 SUV contributing to the company’s growing sales figures.
Xiaomi, a relatively new entrant in the EV market, recorded 4,600 registrations during the week, marking a 21.05% increase from the previous week. The company’s first car, the SU7 electric sedan, has been well-received, with plans to deliver over 20,000 units in October.
Other players like Zeekr, Leapmotor, Deepal, Xpeng, and Denza also saw growth in their registrations, indicating a positive trend in the Chinese EV market. Overall, the second week of October showcased a strong performance for major EV manufacturers in China, with sales figures on the rise across the board.
