In a remarkable surge, China’s passenger electric vehicle exports skyrocketed by 107% year-on-year, reaching approximately 91,000 units in September. Leading the pack was Tesla, with a substantial shipment of 30,566 units from its Shanghai factory, as revealed by the China Passenger Car Association (CPCA) figures released on Wednesday.
Following closely were BYD and SAIC, with 28,039 and 12,678 units respectively, showcasing the competitive landscape of China’s electric vehicle market. Geely and Smart, a joint venture between Geely and Daimler, contributed 5,026 and 2,146 EVs to the overseas markets. Notably, Xpeng Motors marked its debut on the list this year, exporting 766 EVs in September.
This surge in electric vehicle exports occurred amid a 4.7% increase in car sales in China compared to the same month last year, with 2.04 million passenger vehicles sold in September, according to official CPCA data. New energy vehicles (NEVs) played a significant role, constituting 36.6% of total car sales, a 22.1% increase from the previous year.
The rise in NEV sales was instrumental in several local brands achieving record-breaking sales figures. September, traditionally a strong month for car sales due to the Mid-Autumn Festival and National Day holidays, saw increased purchases, further fueled by a downturn in the property market. With real estate investments waning, consumers turned to car purchases, boosting the automotive industry.
While Tesla dominated the EV market, its market share in China’s EV segment dipped to 9.89% in the third quarter, compared to 12.98% in the previous quarter and 9.93% a year ago. Despite this, the company’s performance remained robust. BYD, reported a remarkable milestone, selling a record 287,454 NEVs in September. Li Auto, also experienced substantial growth, delivering 36,060 vehicles, reflecting a staggering 212.7% year-on-year increase.
Cui Dongshu, the Secretary-General of CPCA, commented on the shifting consumer sentiment. He noted that the slowdown in China’s economy didn’t dampen enthusiasm for car purchases, with more people opting for cars over property investments. This trend, coupled with the surge in electric vehicle exports, underscores the evolving dynamics of China’s automotive industry, where electric vehicles are becoming increasingly integral to the market’s growth and competitiveness.
Related:
- Someone Paid $400,000 at an Auction for an Early Tesla Cybertruck
- BYD Set to Dominate European Public Transport in 2024
- TSMC granted indefinite waiver by US for Chip Equipment exports to China
(via)
Comments