October was a great month for China’s top electric vehicle (EV) makers. They sold a lot of EVs, showing that more and more people in China are choosing EVs, especially the richer folks.
More and more middle-class people are moving towards EVs
Li Auto, a company based in Beijing, sold 40,422 vehicles in October. That’s 12.1% more than in September and a whopping 302% more than last year. Guangzhou’s Xpeng wasn’t far behind, with 20,002 units sold, up 30.7% from the previous month. And Nio, from Shanghai, sold 16,074 units, 2.8% more than in September.
But it’s not just rich people buying EVs. More and more middle-class folks are also making the switch. They’re doing it because they care about the environment and because they like the smart features that EVs offer. Big EV makers like Xpeng, Nio, and Li Auto are really cashing in on this trend. They’re offering cars that are not just good for the planet but also packed with cool tech. And tech is a great way to attract new customers.
While these companies are competing with Tesla in China’s premium EV market, there’s another big player that’s targeting a different crowd. BYD, the world’s biggest EV maker, sold 301,833 units in October, 5% more than in September. BYD’s cars are cheaper than those of its competitors, catering to folks who might not want to spend a lot of money on a car.
China’s EV market is booming, and sales are expected to keep growing in the coming months. The China Passenger Car Association (CPCA) has set a goal to sell 8.5 million EVs this year. If things keep going the way they are, that goal seems pretty reachable. We’re indeed living in an impressive time. The age of EVs is finally here it seems.
RELATED:
- TCL T7G Max 85-inch 144Hz 4K TV launched in China for 6619 Yuan ($905)
- Meizu AR smart glasses unveiled in China as the brand’s first AR glasses
- Best Smart Blinds of 2023: Yoolax, Ikea, Graywind & More
(Via)
