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In July 2024, China’s new energy passenger vehicle (NEPV) production volume reached 933,000 vehicles, representing a 21.7% jump year-on-year. Meanwhile, the country’s NEPV wholesales stood at 945,000 vehicles, growing 27.6% from a year ago, according to data provided by the China Passenger Car Association.
In the first seven months of this year, China’s NEPV production and wholesale volumes surged 27.6% and 29.8% from that of the previous year, respectively, to around 5.513 million and 5.562 million vehicles.
In the past month, NEPVs accounted for 48.1% of the total passenger cars wholesaled by automakers in China, climbing up 12.4 percentage points year on year. Specifically, NEPVs made up 62.6% of the July wholesale volume of Chinese indigenous brands, 37.2% of luxury vehicle brands, and 8.1% of mainstream joint-venture brands.
Specifically, Volkswagen’s two joint ventures in China, SAIC Volkswagen and FAW-Volkswagen, sold 16,884 NEPVs via wholesale, securing 48% of the mainstream joint-venture battery electric vehicle (BEV) market in July. Meanwhile, the NEPV wholesales of BMW Brilliance and FAW Toyota showed a growing momentum as well.
In terms of powertrain solutions, BEVs accounted for the majority of China’s total NEPV wholesale volume in the past month at 53% with 505,000 units (+0.9% YoY) sold. Plug-in hybrid electric vehicles (PHEVs) made up 34% of the market with a wholesale volume of 318,000 units (+73% YoY). Range-extended electric vehicles (REEVs) secured the rest 13% of the NEPV market with 122,000 units (+115% YoY) wholesaled last month.
Model-wise, 15 passenger car models realized a monthly wholesale volume of over 20,000 units in July, the top 10 were NEPVs, which were the BYD Song (55,128 units), the Model Y (41,405 units), the BYD Qin (40,600 units), the BYD Seagull (36,256 units), the BYD Qin L (32,941 units), the Model 3 (32,712 units), the BYD Yuan (30,286 units), the BYD Destroyer 05 (25,558 units), the BYD Seal 06 (25,200 units), and the Li L6 (24,856 units).
Company-wise, as Chinese indigenous brands continue to adopt a multi-pronged approach in product launches, the NEPV market base keeps on growing. In the past month, a total of 17 automakers saw their respective NEPV wholesale volume exceed 10,000 units, which was two more than that of a year ago, but two less than that of June. These 17 automakers’ NEPV wholesales accounted for 89.6% of the country’s total volume.
Seven out of the 17 companies boast NEPV wholesales figures surpassing 40,000 units, including BYD (340,799 units), Tesla China (74,117 units), Geely Auto (59,051 units), Li Auto (51,000 units), Changan Auto (42,714 units), SERES (40,968 units), and Chery Auto (40,121 units).
In regards to China’s NEPV retail market in July, there were a total of 878,000 NEPVs retailed, surging 36.9% year over year. In the first seven months of this year, China’s NEPV retail volume came in at 4.988 million units, indicating a 33.7% leap from a year ago.
Notably, NEPVs made up 51.1% of the country’s total passenger car retail volume in the past month, up 15 percentage points year-on-year.
Specifically, 73.9% of the passenger cars retailed by China’s indigenous brands in the last month were NEPVs. Meanwhile, the share stood at 27% and 8.3% for luxury vehicle brands and mainstream joint ventures’ retail volumes.
The market share of startup NEPV makers in July, driven by brands like Xiaomi EV, rose 4 percentage points from the previous year to 19%. Tesla’s vehicles nabbed 5.3% of the NEPV retail market in China, which climbed up 0.4 percentage points year over year.
In the seventh month of 2024, automakers in China exported around 92,000 NEPVs to overseas markets, representing a 1.3% rise year-on-year and constituting 24.5% of the country’s total passenger car export volume. BEVs were the main driver of last month’s NEPV exports, which accounted for 72.6% of the total export figure.
In the first seven months of this year, roughly 677,000 NEPVs were shipped to overseas markets, representing a 17.8% increase year-over-year.
The top three NEPV exporters in July were BYD (30,014 units), Tesla China (27,890 units), and Polestar (6,752 units).