China’s new energy passenger car retails surge 39.8% YoY in November

Beijing (Gasgoo)- China's new energy passenger vehicle (NEPV) market witnessed robust figures in November 2023, with wholesale sales reaching 962,000 units, which surged 31.5% year on year and rose 8.2% from the previous month, according to data provided by the China Passenger Car Association (CPCA). 

The persisted positive trend affirms the market's vitality and resilience. The Jan.-Nov. NEPV wholesale figures in China spiked 35.2% from the year-ago period to 7.777 million units in the first eleven months of this year. 

In the retail sector, 841,000 NEPVs were sold across the Chinese Mainland in November, marking a 39.8% year-on-year hike and an 8.9% month-on-month increase. In the Jan.-Nov. period, automakers in China retailed a total of 6.809 million NEPVs, which jumped 35.2% year over year.

The NEV penetration rate by wholesales China's passenger vehicle market rose to 37.7% last month, up by 1.7 percentage points from November 2022. Specifically, NEPVs accounted for 51% of Chinese indigenous brands’ total passenger vehicle wholesale volume last month, while luxury vehicle makers’ figure stood at 35.2%, and mainstream joint ventures lagged at 7.9%.

Battery-electric vehicles (BEVs) achieved wholesale sales of 653,000 units in November, up by 15.2% year-on-year and 10.4% from the prior month. The plug-in hybrid electric vehicle (PHEV) sector saw its wholesale volume soar 86.9% year over year to 309,000 units, comprising 32% of the overall NEPV wholesales in the past month, which indicated an increase of 9 percentage points. November wholesale volume of extended-range electric vehicles (EREVs) stood at around 90,000 units, skyrocketing 233% from the previous year and accounting for 9% of the country's monthly NEPV wholesales. 

BYD Seagull; photo credit: BYD

In the past month, 11 out of 26 vehicle models whose wholesale sales exceeded 20,000 units were NEPV models in China. Moreover, NEPVs also took the top 5 spots on the list, which were the BYD Song (61,694 units), the Model Y (58,433 units), the BYD Seagull (44,603 units), the BYD Qin (42,440 units), and the BYD Yuan (42,323 units).

Domestically, NEPVs constituted 40.4% of the November passenger car retail volume, up by 4 percentage points from the previous year. Chinese homegrown brands led with a penetration rate of 62.1%, followed by luxury vehicle brands at 30.9% and joint ventures at 6.6%. 

Of the NEPVs retailed last month, the market share of mainstream Chinese brands fell 6 percentage points year on year to 70%, while joint ventures’ share increased marginally to 5.1%. NEPV startups in China secured a 15.1% market share in November, and Tesla’s share grew to 7.8%.

In the eleventh month of this year, exports of China-made NEPVs reached 89,000 units, up by 8% year-on-year, constituting 23.5% of China’s total passenger car exports in November, predominantly BEVs. Notably, the top three exporters of NEPVs in China were BYD (30,629 units), SAIC Motor Passenger Vehicle (17,841 units), and Tesla China (16,928 units).

Overall, November’s NEPV market showcased significant strength, bolstered by BYD's impressive performance in both the BEV and PHEV segments. Additionally, EREVs, represented by such companies as Changan, SERES, Li Auto, and Leapmotor, demonstrated prominent performance as well. The market's foundation continues to expand, with 18 enterprises breaking the 10,000-unit mark in November NEPV wholesales, collectively representing 88.9% of the Chinese NEPV market last month. 

Key contributors to this success included BYD (301,378 units, Tesla China (82,432 units), SAIC-GM-Wuling (71,143 units), Geely (64,834 units), Changan (42,099 units), GAC AION (41,567 units), Li Auto (41,030 units), Great Wall Motor (31,170 units), SAIC Motor Passenger Vehicle (28,280 units), SERES (21,170 units), XPeng (20,935 untis), SAIC Volkswagen (19,659 units), Leapmotor (18,508 units), NIO (15,959 units), Chery Auto (15,188 units), SAIC-GM (14,850 units), NETA Auto (12,506 units), and BMW Brilliance (11,062 units).