Recently, multiple auto makers have officially released their September sales figures.

Among traditional auto makers, BYD sold over 400,000 new energy vehicles (NEVs) in September for the first time, marking a year-on-year increase of 45.91%. From January to September, BYD sold approximately 2.7479 million NEVs, up 32.13% year on year. Geely Auto sold approximately 201,900 passenger vehicles in September, an increase of approximately 21% year on year and over 11% month on month.

In terms of new forces, several auto makers have set new monthly sales records. Among them, Li Auto sold over 50,000 vehicles in September, while NIO sold over 30,000. XPeng Auto also boosted its monthly sales to over 20,000 units, thanks to the strong sales and rapid delivery of its M03 model, overtaking ZEEKR and NIO to rank fourth in the new forces' September sales chart. Additionally, Xiaomi Automotive and NIO also achieved varying degrees of growth in September deliveries.

The China Passenger Car Association (CPCA) noted that national and local policies promoting car replacement have driven the growth of the automotive market. Coupled with the buying incentives during the Mid-Autumn Festival and National Day Golden Week holidays, the automotive market showed rapid growth in September, with a high-quality "Golden September".

▍Multiple new forces set new sales records, with 20,000 units becoming the "passing grade""On the first day of the National Day holiday, Li Auto announced its delivery performance, delivering 53,709 new vehicles in September, a year-on-year increase of 48.9%, setting a new monthly delivery record. As of September 30, Li Auto had delivered a total of 341,812 vehicles in 2024, with a cumulative delivery of 975,176 vehicles since its inception.

In terms of market performance, Li Auto's market share exceeded 17%, ranking among the top-selling Chinese auto brands. Orders for its Li L series and Li MEGA models have been steadily growing, with September deliveries reaching an all-time high, surpassing luxury brands Mercedes-Benz, BMW, and Audi in the same week for the first time. Li Xiang, Chairman and CEO of Li Auto, said that in October, Li Auto is poised to roll out and deliver its 1 millionth new vehicle.

Similarly positioned as a high-end brand, Hongmeng Automotive delivered 39,931 new vehicles in September. With a cumulative sales volume of 312,067 units in the first nine months, its sales were temporarily surpassed by Li Auto, but the competition between the two remains intense. Overall, the current market sees significant overlap between Li Auto and Hongmeng Automotive products, leading to intense competition. Hongmeng Automotive has lagged behind Li Auto for four consecutive months.

NIO Auto continued its growth momentum, delivering 33,767 vehicles in September, setting a new record and growing over 113% year on year. Among them, the NIO C16 has become an important pillar of NIO's sales. Data shows that the NIO C16 received over 5,200 orders within 48 hours of its launch, and over 7,000 orders in the first week of July for its entire lineup.

Xiaomi Auto delivered over 10,000 Xiaomi SU7 vehicles in September, with a target of producing and delivering over 20,000 units in October. It has now achieved over 10,000 deliveries for four consecutive months. Building on this momentum, Xiaomi Auto expects to deliver 100,000 vehicles annually by November, ahead of schedule.

Among the "WEI XIAO LI" trio, XPeng Auto and NIO Auto also achieved impressive results. Following the successful launch of the XPeng MONA M03 on August 27, orders surged, with over 30,000 orders placed within 48 hours. Latest data shows that XPeng Auto delivered 21,352 new vehicles in September, up 39% year on year and 52% month on month, setting a new monthly delivery record. Among them, XPeng MONA M03 deliveries exceeded 10,000 units.

Neta Auto's September sales were less optimistic, delivering 10,118 new vehicles, marking a continuous decline for several months, placing it at the bottom of the new forces' sales rankings. Its previous leading edge has faded.

Among traditional auto makers, BYD sold 419,400 NEVs in September, up 45.91% year on year, marking its first monthly sales exceeding 400,000 units. From January to September, BYD sold nearly 2.75 million passenger vehicles. It is almost certain that cumulative sales will exceed 3 million by October, surpassing last year's annual sales. In addition to BYD, Geely Auto and Chery Automobile also achieved sales growth in September.

Specifically, Geely Auto sold approximately 201,900 vehicles in September, up 21% year on year, with cumulative sales of 1.4897 million vehicles in the first nine months, up 32% year on year. Chery Group sold 245,000 vehicles in September, up 28.6% year on year. Among them, NEV sales reached 58,000 units, up 183.4% year on year.

▍"Golden September, Silver October" sales may exceed expectations

Previously, the China Automobile Dealers Association Passenger Car Market Information Joint Committee predicted that new energy vehicle retail sales in September would reach approximately 1.1 million units, up 47.3% year on year and 7.3% month on month, with a penetration rate of approximately 52.4%. This indicates that NEVs will continue to dominate the automotive market in the future.

Based on past industry experience, October is traditionally a peak sales season for automobiles. Policies promoting vehicle scrappage and replacement are steadily advancing, coupled with auto shows and road trip fever during the Golden Week holidays and dealers' year-end push, leading to continued high demand in the automotive market. It is expected that store traffic and sales in October will further increase from September levels.

Data shows that as of September 24, the national expenditure on subsidies approved through the vehicle trade-in platform had reached nearly RMB 11 billion, demonstrating the policy's effectiveness in promoting automotive consumption.

A research report from GF Securities believes that sales during the "Golden September, Silver October" peak season in the domestic automotive market will exceed expectations in 2024. The latest weekly auto industry report from Great Wall Securities also expressed optimism about the continuation of the peak sales season in October.

The China Automobile Dealers Association believes that in the long run, the country's incremental policy package will continue to boost economic recovery and restore consumer confidence. Currently, local vehicle trade-in subsidy policies have largely been implemented in September, which will significantly stimulate automotive consumption in the fourth quarter.

The first week of October coincided with the National Day holiday, during which large-scale autumn auto shows were held in multiple locations, and dealers concentrated their promotional activities. Many auto makers have also recently launched promotional activities to further boost sales. Lynk & Co, SAIC Volkswagen, NIO, XPeng Auto, and others have all offered limited-time discounts or special "Golden Week" promotions to attract consumers to their stores.

Overall, automotive market prices are stabilizing, consumer hesitation is weakening, and the desire to purchase vehicles is increasing. With the support of various policies and market promotions, the automotive market is expected to maintain its peak sales momentum in October, with sales exceeding those of September.

Typesetting by Yang Shuo | Image Sources: Shutterstock, Li Auto, Xiaomi Auto, NIO Auto, BYD