As we approach the end of 2024, the Chinese electric vehicle (EV) industry has reached a remarkable milestone: for the first time, the annual production and sales of electric vehicles have surpassed 10 million unitsThis achievement follows a significant breakthrough earlier in the year, when monthly penetration rates for new energy vehicles crossed the 50% threshold for the first timeThe rapid growth of this industry reflects not just technological advancements but also shifting consumer preferences and government policies aimed at promoting cleaner energy.

Let's delve into the performance of various car manufacturers in NovemberTraditional car manufacturers continue to maintain a stable development trajectory amidst fierce competition, while new entrants into the market are making their presence known with impressive sales figures.

Leading the charge is BYD, which continues to excel in sales figures

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In November, BYD's monthly production and sales both exceeded 500,000 unitsThe company's production report for November showed an output of 540,588 electric vehicles, marking a 70.73% increase year-on-year, with sales reaching 506,804 units, up 67.92% from the previous yearBYD's performance reflects the growing consumer demand for affordable and reliable electric vehicles, particularly among younger buyers who are increasingly focused on sustainability.

Similarly, Great Wall Motors reported strong performance, with total sales of 127,394 units in November—a 3.70% increase compared to the same month last yearCumulatively, from January to November, they have sold 1,098,006 units, reflecting a slight decrease of 1.81% year-on-yearMeanwhile, their electric vehicle sales in November reached 35,999 units, bringing the total for the year to 279,530 unitsGreat Wall's focus on expanding its lineup of electric vehicles has enabled it to cater to the diversifying needs of consumers.

New energy vehicle manufacturers, often referred to as "new forces," are also posting impressive sales results

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Several of these startups like Leap Motor, Deep Blue, and Xiaopeng have reported record sales figures for NovemberFor instance, Zeekr achieved a notable milestone with 27,100 units delivered, reflecting a year-on-year increase of 106% and making it the highest monthly sales record for the brandTheir increasing popularity suggests that these companies are succeeding in capturing market share in an increasingly competitive landscape.

Another noteworthy competitor is NIO, which has successfully delivered over 20,000 vehicles for seven consecutive monthsTheir November sales reached 20,600 units, contributing to a cumulative total of 190,800 from January to November, which is up by 34.36%. These impressive numbers highlight NIO's commitment to producing premium electric vehicles that resonate with consumers looking for advanced technology and performance.

Meanwhile, Xiaomi also made headlines with more than 20,000 units sold in November alone

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The company's founder and CEO Lei Jun recently announced that their annual target has been raised to 130,000 units, having previously set a goal of 100,000. As of November 18, Xiaomi had already achieved its initial target, reflecting the growing confidence in their vehicles as more consumers opt for smart, tech-driven options that align with their lifestyles.

According to Zhang Xiang, a researcher at the Automotive Industry Innovation Research Center of Northern Polytechnic University, the robust sales performance in November can be attributed to several driving forcesHe points to the residual momentum from the "Golden September and Silver October," a period known for seasonal sales spikes, as well as the positive impact of government incentives that promote trade-ins for electric vehicles.

Additionally, the "Double 11" shopping festival combined with the success of the Guangzhou Auto Show created a vibrant consumer atmosphere that significantly boosted enthusiasm for electric vehicle purchases

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These events are becoming key drivers in enhancing consumer interest, leading to a peak in market activity.

Reflecting on the growth of the Chinese electric vehicle market, statistics reveal that it took 27 years to produce the first electric vehicle and another 17 months to reach the milestone of 10 million unitsNow, just under 11 months later, the industry has achieved another significant landmark, emphasizing the accelerating pace of innovation and consumer adoption in this sectorFor the past decade, China has consistently been the global leader in new energy vehicle production and sales, a trend that shows no signs of slowing.

Analysts suggest that the continued rise in production and sales from electric vehicle manufacturers is propelling the industry to new heightsThe mark of 10 million units indicates not only rapid growth but also a shift towards higher quality development within the Chinese electric vehicle sector, setting a critical benchmark for the global market.

As we enter December, the final month for many automakers to meet annual targets, the market is likely to see a surge in promotional activity

According to data, the China Passenger Car Association forecasts that Chinese electric passenger vehicle sales in the fourth quarter of 2024 will increase by 39%, totaling 3.55 million unitsMany companies are rolling out enticing limited-time offersFor instance, Li Auto has announced a year's end promotion offering 0% interest for buyers of its L series and MEGA models before December 31. Zeekr is also offering discounts across its full range of models, with savings up to 110,000 yuan, and various financing options that include 0 down payment.

Moreover, Tesla has introduced the lowest prices ever for the Model YOn November 25, the company launched a tail-end promotion reducing the final payment for the rear-wheel drive Model Y and the long-range all-wheel-drive model by 10,000 yuan, bringing prices to as low as 239,900 yuan, along with an option for a 5-year 0% financing planThese price adjustments signal the competitive nature of the market as companies vie for consumer attention.

Zhang Xiang believes that December's automotive market shift won't be about new vehicle releases but rather about marketing and fulfilling orders