Today, the China Passenger Car Association (CPCA) released new energy vehicle sales data for October 2024, revealing the robust growth trend in China's new energy vehicle market. Data shows that 1.196 million new energy passenger vehicles were sold in October, up 56.7% year-on-year and 6.4% month-on-month. Cumulative sales from January to October this year reached 8.327 million units, up 39.8% year-on-year. Below are the key data points released by the CPCA.

Overall Market Performance: In October, nationwide narrow-sense passenger vehicle retail sales were 2.261 million units, up 11.3% year-on-year and 7.2% month-on-month. Cumulative sales since the beginning of the year have reached 17.835 million units, up 3.2% year-on-year.

New Energy Vehicle Market Performance: In October, 1.196 million new energy passenger vehicles were sold, up 56.7% year-on-year and 6.4% month-on-month. The market penetration rate of new energy passenger vehicles reached 52.9%, an increase of 15 percentage points from the same period last year. In October, 120,000 new energy passenger vehicles were exported, up 10.4% year-on-year and 13.7% month-on-month.

New Energy Vehicle Production and Sales: In October, 1.379 million new energy passenger vehicles were produced, up 49.9% year-on-year and 12.6% month-on-month. Wholesale sales of new energy passenger vehicles were 1.369 million units, up 55.2% year-on-year and 11.2% month-on-month.

New Energy Vehicle Market Structure: Pure electric wholesale sales were 776,000 units, up 32.7% year-on-year and 7.7% month-on-month. Narrow-sense plug-in hybrid sales were 472,000 units, up 116.0% year-on-year and 19.5% month-on-month. Extended-range electric vehicle wholesale sales were 121,000 units, up 53.9% year-on-year and 4.9% month-on-month.

Comparison of Domestic Brands and Joint Ventures: In October, domestic brands accounted for 77% of new energy passenger vehicle retail sales, up 4 percentage points year-on-year. The penetration rate of new energy vehicles among mainstream joint venture brands was only 6.2%, with a retail share of 3.1%, down 2.2 percentage points year-on-year.

Export Market: In October, vehicle exports totaled 585,000 units, up 11% year-on-year but down 4% month-on-month. Passenger vehicle exports (including complete vehicles and CKD) were 441,000 units, up 13% year-on-year and 2% month-on-month. New energy vehicles accounted for 27.1% of total exports, down 1.0 percentage points year-on-year, but new energy passenger vehicle exports increased by 10.4% year-on-year and 13.7% month-on-month. The above data clearly shows that the growth rate of new energy vehicles far exceeds that of the traditional fuel vehicle market, and the retail sales of new energy vehicles have accounted for more than 50% of overall vehicle sales for four consecutive months, indicating that new energy vehicles have become an important driving force for the growth of China's automobile market.

Furthermore, from the perspective of market structure, the new energy passenger vehicle market presents a diversified competitive landscape. Brands such as BYD, Tesla, and SAIC-GM-Wuling lead in sales, while extended-range electric vehicles represented by Li Auto and Thalys Auto also show strong growth momentum. In terms of product launches, domestic automakers are achieving positive results with their "multi-pronged" strategy on the new energy route, and the number of manufacturers with monthly new energy wholesale sales exceeding 10,000 units continues to increase. The rapid development of the new energy vehicle market cannot be separated from policy support and promotion. Recently, all provinces in China have introduced and implemented car replacement subsidies and strong car purchase promotion policies, bringing new growth momentum to the new energy vehicle market.

Additionally, the national scrappage and replacement policy and local trade-in policies were fully implemented in October, significantly driving automotive market growth. Coupled with the "National Day" Golden Week effect, the automotive market showed rapid growth in October. Looking ahead, with continuous technological advancements and policy support, the new energy vehicle market is expected to continue its rapid growth. Judging from the new models recently released or about to be released by major manufacturers, market competition will become even more intense.