In August 2024, the sales of New Energy Vehicles (NEVs) in China saw significant growth, recording a 30% increase compared to the same month last year and an 11% rise from July 2024. NEVs include two main types of vehicles: battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs).
Sales of BEVs manufactured by Chinese companies hit 646,000 units in August, marking the highest monthly sales for the year. This represents a 17% increase compared to July and an 8% rise from August 2023.
PHEV sales reached 453,000 units in August, setting a record for the fourth consecutive month. This number reflects a 3% increase from July and a massive 83% surge compared to the same month last year.
Overall, China sold 2,453,000 vehicles in August across all types of powertrains, a 5% decrease from the previous year, but 8% higher than July’s figures. NEVs accounted for nearly 45% of total vehicle sales.
These figures, compiled by the China Association of Automobile Manufacturers (CAAM), include wholesale sales by automakers in China and exports to overseas markets. NEV exports totaled 110,000 units, a 22% increase year-over-year and 7% more than in July.
Among automakers, BYD remains the undisputed leader in the NEV market. The company, which is currently revamping its underperforming operations in Germany, achieved another record-breaking month in August, selling 373,083 NEVs. This surpassed its previous record of 342,383 units set in July. BYD’s August sales represented a 35.97% increase from last year and an 8.97% rise from July. BYD sold 222,384 PHEVs in August, a 73% year-over-year jump and a 5.5% increase from July. Additionally, BYD sold 148,470 BEVs, a nearly 2% increase from last year and a 14% rise from July. The remaining sales were in the commercial vehicle sector.
Tesla’s Shanghai plant sold 86,697 vehicles in August, with 23,241 of these exported. This means Tesla sold 63,456 vehicles within China, setting a new record for 2024. However, this represents a slight 2% decline from the 64,694 vehicles sold in August 2023, but a notable 37% increase from the 46,227 units sold in July 2024.
SAIC Motor sold 257,635 vehicles in August, with 86,578 units being NEVs, marking a 6% decrease from last year. By the end of August, SAIC’s NEV sales for the year had reached 618,711 units, an 11% increase compared to 2023. SAIC’s portfolio includes the MG brand, which has been performing well in European markets.
Dongfeng Motor sold 123,782 vehicles in August, of which 36,362 were NEVs, including 34,296 passenger cars and 2,066 commercial vehicles. Dongfeng’s NEV sales saw a 15% year-over-year growth. The company’s brand Voyah, which is expanding into Europe, contributed to these figures.
Leapmotor, an NEV manufacturer backed by Stellantis, achieved a new delivery record in August, driven by the success of its new model, the C16. Leapmotor delivered 30,305 vehicles, marking the first time the company has crossed the 30,000-vehicle mark in a single month. This represents a 114% increase from August 2023 (14,190 units) and a 37% rise from July 2024 (22,093 units).
In summary, August was a strong month for China’s NEV market, with several manufacturers reporting record-breaking sales. Despite some declines in overall vehicle sales, the NEV sector continues to grow at an impressive rate, with both domestic demand and exports on the rise.