ThinkerCar

The Chinese passenger vehicle market has maintained stable growth, with sales expected to reach 26.8M units in 2024, up 4.9% YoY.

As of Oct 2024, NEV sales have reached 9.2M units, and full-year sales are expected to surpass 12M, with a penetration rate of 44.7%

As of Oct, NEV exports hit 990k units, a 16.5% YoY increase. Full-year exports are projected to reach 1,230k units, up 19% YoY.

BEVs dominate, EREV & PHEV share rises fast, more brands join EREV/PHEV segment

Chinese brands have captured 80% of the market share in the NEV market, while JV brands are progressing slowly

NEV is gradually developing towards the high-end market, with market penetration showing a dumbbell shape

NEV SUVs show rapid growth, MPVs rising steadily. By Oct, 56 new SUVs vs 40 new sedans launched

BYD, Tesla, and Wuling have maintained stable performance over the years, while competition among other brands has become increasingly intense

CATL and BYD account for 70% of the power battery market's installed capacity, with LFP being adopted by more manufacturers

As of Q3 2024, global NEV sales reached 11.6M units, with annual sales expected to reach 16.8M units, achieving a penetration rate of 23.1%

Over years of development, Chinese brands have increased their market share from 38.5% in 2015 to 62.5% in 2024, while Japanese brands have declined from 18.1% in 2015 to 3.1% in 2024

Chinese brands' NEV models have entered multiple global markets and have become the most competitive brands in the NEV market

BYD has become the global leader in NEVs, and furthermore, more Chinese brands are appearing in the top 10 rankings