Record November numbers for China’s EV market
31 January 2024
China achieved its fourth record-breaking month in a row for electric vehicle (EV) registrations in November. José Pontes, data director at EV-volumes.com, unpacks the market’s performance.
A total of 872,415 deliveries in November was enough for China’s best-ever result in its EV market. Combined deliveries of battery-electric vehicles (BEVs) and plug-in hybrids (PHEVs) grew 39% in the month. Plug-in vehicles took a 41.9% share of the country’s new-car market, with BEVs alone accounting for 27.4%.
The EV registrations tally in the year’s first 11 months was pushed up to 7,111,010 units. This meant EVs made up 36.8% of deliveries, while the BEV share alone hit 24.5%.
BYD’s sibling struggles
At the top of the EV best-seller chart, the BYD Song reached 61,694 registrations in November, of which 11,079 units were BEVs. However, the model faces increasing internal competition. The BYD Seagull has the potential to disrupt the market as its deliveries ramp up, alongside the upcoming Sea Lion and Song L.
In second with 49,877 deliveries, the Tesla Model Y returned to a prominent market position in November. While this was a comeback from its seventh-place in October, its figures were down by 5% year on year.
With a price war in the Chinese new-car market and innovations taking place at surprising speeds, Tesla’s crossover is in need of a refresh. This is backed up by the performance of the recently revamped Tesla Model 3, which hit 15,627 registrations in November on its way to 13th-place, a tally that was up 53% on November 2022.
Highlighting the potential internal conflict within BYD, the Seagull came third with 44,603 units. Starting at ¥74,000 (€9,600), its only apparent rival is the slightly larger Wuling Bingo, which starts at ¥60,000. But at that price, it comes with a 17kWh battery and no DC charging capability.
A Bingo with similar specs, equipped with a 32kWh battery and DC charging, will come with a ¥74,000 price tag. So, while the pair are competitive in terms of price, the Seagull benefits from the strength of the BYD brand, something the Bingo lacks. Overseas, BYD also profits from a lack of competition in the small-EV segment from SAIC and General Motors (GM).
In fourth, the BYD Qin Plus saw stability in November with 40,852 deliveries, 11,900 of which were BEVs. With prices starting at ¥100,000, demand is strong despite strong internal competition. Its BEV version faces off against the BYD Seal, while the PHEV version competes with the Destroyer 05.
BYD’s budget midsize sedan can be expected to carry on posting strong results at the cost of its most expensive siblings. It should also have no problem keeping its most direct competitors at a safe distance too.
The BYD Dolphin came fifth with a record 35,246 registrations. The Dolphin is one of BYD’s key models overseas, joining the Atto 3 hatchback and the Seal sedan. With the carmaker seemingly focused on exporting the model, it seems content with moving around 30,000 units a month in its domestic market. This should still grant the Dolphin a regular presence in the Chinese top five.
Surprise results from Aito
Lower down the table, the biggest surprise was the refreshed Aito M7 taking 11th with a record 17,039 sales. The brand experienced gains following the launch of its refreshed model with a lower list price. Now the carmaker’s plant is running at full pace, the brand, with its partner Huawei, will be aiming to replicate the M7’s success with the upcoming M9.
The M7’s most direct competitor, the Li Auto L7, was just behind in 12th with 16,599 registrations. Fierce competition between the Aito M7, the L7 and the BYD Han can be expected. Meanwhile, the Geely Panda Mini also had a record month with 15,188 registrations, putting it in 14th.
Li Auto saw another model reach its best-ever registrations total in November. The L8 ended the month with 12,476 deliveries, putting it in 16th. Additionally, the L9 took 19th, meaning all three of the manufacturer’s models were in the top 20.
The other major news was the Volkswagen (VW) ID.3 reaching 17th, with 12,040 registrations. The German hatchback is continuing its recent record streak, apparently confirming that lower prices mean higher sales. The BYD Seal PHEV saw its first table presence reaching 18th with 12,011 deliveries
A diverse display
Outside the top 20, the Chinese EV market demonstrated its diversity. The XPeng G6 recorded 8,613 units, while the Leapmotor T03 managed its best result ever with 7,452 deliveries. Its sibling, the C11, also managed a strong month with 7,356 registrations.
The IM Motors LS6 hit 8,158 units in only its third month on the market, as GM celebrated a new record with the Buick Velite 6 station wagon achieving 8,083 deliveries.
Meanwhile, Geely had a good month across its long list of brands. The Zeekr 001 achieved 6,751 deliveries, the Lynk & Co 08 PHEV hit 10,019 registrations in only its third month on the market, and the Galaxy L7 pushed 8,473 units.
Great Wall’s investment in PHEV models also started paying off in November, with the Haval Raptor PHEV scoring 6,025 registrations in its second month on the market. Meanwhile, Chery’s QQ Ice Cream landed 9,219 deliveries, its best result in over a year.
The VW ID.4 posted 6,746 registrations, again confirming the power of price cuts. The BMW i3 saw 6,141 deliveries in November, a record performance that helped the brand recover some traction in the plug-in market.
Song of victory
In the ranking between January and November, the BYD Song remained well above its competition, while the second-place BYD Qin Plus kept the third-place Tesla Model Y at bay.
The BYD Dolphin recovered fourth from its sibling, the Yuan Plus, sneaking ahead by 295 sales. Not far below, the GAC Aion S came ninth, behind the Wuling Mini EV in seventh and the BYD Seagull in eighth, with just 387 units the difference between the three models.
In the second half of the table, the Li Auto L7 continued its rise, having climbed one position in November to 15th, as all three Li Auto models made it to the top 20. Apart from BYD, no other carmaker was able to boast that many models in the best-seller table.
BYD’s brand lead
In the brand ranking, BYD remained out in front with a 33.9% share of the Chinese EV market in November. Meanwhile, Tesla stayed in second with the same 7.5% share it had in October.
Third-place GAC Aion saw its share drop slightly to 6.2%. Below, fourth-place SGMW (5.6% share) and fifth-place Li Auto (4.6% share) remained steady. Sixth-place Changan (4.3% share) and seventh-place Geely (4% share) also stayed stable.
With brands pooled together under manufacturing groups, BYD held a comfortable lead with a 36.1% share of the market, while Tesla (7.5% share) stayed ahead of third-place SAIC (7.2% share).
Taking fourth place, Geely–Volvo saw its share rise to 7%, surpassing GAC (6.6% share). In sixth, Changan (4.8%) maintained some distance over seventh-place Li Auto (4.6%).
