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Home / Metal News / 【SMM Hot Topic】Report on Leading New Energy Automaker Released, BYD Takes the Lead at High Speed

【SMM Hot Topic】Report on Leading New Energy Automaker Released, BYD Takes the Lead at High Speed

iconMar 27, 2025 15:23
Source:SMM
【SMM Hot Topic: Leading NEV Automakers Report Released, BYD Spearheads the Race】Looking back at the domestic auto market over the past year, the themes remained cut-throat competition and intense rivalry. As various automakers successively disclosed their annual sales, the 2024 NEV sales rankings have also been unveiled. BYD unsurprisingly claimed the top spot once again, achieving sales of 4,250,370 units in 2024, marking a 41.1% increase compared to 2023, demonstrating absolute leading strength.
NEV Leading Automakers Report Released, BYD Leads the Race Looking back at the domestic auto market over the past year, cut-throat competition and intense rivalry remained the main themes. As automakers successively announced their annual sales, the 2024 NEV sales rankings were also unveiled. BYD unsurprisingly claimed the top spot again, achieving sales of 4,250,370 units in 2024, up 41.1% YoY, demonstrating absolute leading strength. Tesla, although ranked second in the 2024 list with sales of 916,660 units, saw a 3.3% decline compared to 2023, partly due to the significant competitive pressure it currently faces. Meanwhile, Geely has steadily grown to become the third-largest NEV manufacturer in China, with sales of 888,235 units in 2024, a substantial increase of 82.2% YoY. Changan, a veteran automaker with 40 years of experience, has formed three NEV brand camps: Shenlan, Qiyuan, and Avatr. In 2024, Changan achieved sales of 685,076 units, up 62.2% YoY, and has formed a strong competitive edge in intelligent driving functions through close cooperation with Huawei. Although Wuling currently follows a mass-market route in the NEV segment, it ranked fifth in the 2024 sales rankings with sales of 679,578 units, up 57.6% YoY, as its silver badge models increasingly represent the brand's gradual entry into the mid-to-high-end market. According to the disclosed annual reports of the above automakers, BYD ranked first in both revenue and net profit, with YoY increases of 29.02% and 34%, respectively. Geely Auto followed with revenue of 240.2 billion yuan, ranking second, and its net profit surged 213.32% YoY, second only to Seres. Notably, according to Seres' disclosed annual profit forecast, its net profit in 2024 reached 5.5-6 billion yuan, successfully turning a loss into a profit with a rapid increase compared to the same period last year. One reason for this achievement is that AITO is currently the "flagship store" of the Harmony Intelligent Mobility Alliance (HIMA), complementing Huawei's automotive business, which to some extent ensures market position and profitability. Another reason is AITO's strong presence in the high-end market, particularly the AITO M9, which had sales of nearly 160,000 units in 2024 with an average transaction price of 550,000 yuan, demonstrating considerable revenue-generating capability. The growth of the auto market in 2024 was largely attributed to the stimulus of the trade-in subsidy policy. However, all stimulus policies are subject to the law of diminishing marginal effects, especially for big-ticket items like cars. The trade-in stimulus may actually "front-load" future consumption. Will this year's stimulus policy achieve better results? With the termination of subsidies, consumers will more rationally consider their needs and financial capabilities when purchasing cars, and a "cooling" situation may not be ruled out. What impact will this have on the auto market? SMM will continue to track this.

For queries, please contact Lemon Zhao at lemonzhao@smm.cn

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