The new energy vehicle (NEV) market in 2024 witnessed unprecedented transformations. The competition intensified as emerging automakers relentlessly introduced novel products and technologies. Sales rankings evolved from quarterly to monthly and even weekly updates, leaving no room for complacency. Newcomers gained traction, while established players faced disappointment, evoking a sense of bittersweet nostalgia.

Based on the published sales figures for 2024, Li Auto, AITO, and NIO led the pack with substantial sales leads. Deepal Blue, Zeekr, and NIO (inclusive of Lido) also surpassed the 200,000-vehicle mark for the year. XPeng performed admirably, delivering over 190,000 vehicles.

Xiaomi Automobile, despite its late entry, achieved 135,000 sales in just nine months of 2024, showcasing rapid growth. Other emerging automakers fell below the 100,000-vehicle mark, facing both pressures and opportunities in 2025.

Success stories coexisted with setbacks. Over the past year, several emerging brands succumbed to fierce market competition. Notably, Geely Auto's EV brand faced turmoil in December, vividly illustrating the cutthroat nature of the NEV market.

Data revealed that Geely Auto's EV brand sold only 13,000 vehicles cumulatively in the first 11 months of 2024, with November sales amounting to 2,485 units. Rumors of bankruptcy and dissolution spread rapidly, and by December 16, the brand's largest store in Chongqing's Auto Expo Center was sealed.

NIO ceased releasing sales information from October 2024, suggesting operational challenges that hindered continuous delivery updates.

WM Motor declared bankruptcy, while brands like HiPhi, Hopon Auto, and Gemstone Auto also grappled with operational difficulties or sales pressures in 2024. For some, 2025 heralds a new beginning; for others, it might signal a harsh winter.

Intensifying Competition Among New Players: Uncertain Future Landscapes

Li Auto

In 2024, Li Ideal delivered 500,500 new vehicles, a 33.1% year-on-year increase, achieving its 500,000-vehicle sales target with a 100.1% completion rate. It also set a new monthly delivery record of 58,500 vehicles in December.

Li Ideal's L series products remained robust, with the L6 offering exceptional cost-effectiveness in the lower price range, stabilizing the company's market position. For eight consecutive months, Li Ideal ranked first in Chinese brand sales in the passenger vehicle segment above 200,000 yuan.

AITO

According to AITO's latest production and sales report, the company sold 426,900 NEVs in 2024, a 182.84% year-on-year increase. It not only became the fastest brand to achieve 500,000 deliveries but also topped the Net Promoter Score (NPS) ranking for luxury brand users in the Chinese market.

The highly anticipated AITO M9 surpassed 200,000 cumulative orders since its launch, consistently ranking first in sales of luxury models priced above 500,000 yuan in China. The new AITO M7 series delivered over 190,000 vehicles in 2024, leading new forces in China for 12 consecutive months in cumulative sales.

NIO

As a 2024 dark horse in the NEV market, NIO's performance was remarkable. It delivered nearly 300,000 vehicles cumulatively, reaching 293,700, a 103.76% year-on-year increase. It surpassed its annual target of 250,000 vehicles, ranking third among emerging automakers. In December, it delivered 42,500 vehicles, a 128% year-on-year increase, achieving over 40,000 deliveries for two consecutive months and setting a new monthly record for seven straight months.

Deepal Blue

Deepal Blue excelled in sales in 2024, delivering 36,577 vehicles in December and 243,894 vehicles for the year. Throughout 2024, Deepal Blue maintained impressive momentum, achieving 300,000 cumulative sales in October and surpassing 30,000 sales for all models for three consecutive months from October to December, entering the "30,000-club" in monthly sales. On New Year's Eve, it reached a milestone of 400,000 vehicles rolled off the assembly line, showcasing its rapid development.

NIO (continued)

In 2024, NIO delivered a total of 222,000 new vehicles, a 38.7% year-on-year increase, setting new monthly and annual delivery records. The NIO brand delivered 206,000 new vehicles, a 25.7% year-on-year increase, while the Lido brand delivered 10,500 new vehicles, demonstrating strong market potential.

In the pure electric vehicle market with an average transaction price exceeding 300,000 yuan, the NIO brand maintained the top market share for 23 consecutive months, exceeding 40%. For 2025, NIO aims to double its sales to exceed 440,000 vehicles.

XPeng

XPeng sold over 190,000 vehicles in 2024, a 34.2% year-on-year increase. Its annual sales target was 350,000 vehicles, with an achievement rate of 54.3%. However, it delivered 91,500 vehicles in the fourth quarter, setting a new quarterly delivery record.

Since the official launch of the MONA M03 in August and the XPeng P7+ in November, sales significantly improved. In December, the MONA M03 delivered over 15,000 vehicles, and the XPeng P7+ delivered over 10,000 vehicles, driving sales growth.

Although sales growth was substantial in the second half, XPeng's overall annual sales target achievement rate was low at 54.3%, falling short of the year-start target.

Zeekr

Zeekr delivered a total of 222,123 vehicles in 2024, an 87% year-on-year increase, with an annual target completion rate exceeding 96.5%. It successfully ranked first in annual sales of luxury pure electric vehicles in China. To date, Zeekr's cumulative deliveries have reached nearly 420,000 vehicles. Its strong sales performance stems from the competitiveness of its products in the segmented market, further consolidating its position in the high-end luxury pure electric MPV market.

Xiaomi

As a significant player in the automotive industry, Xiaomi Automobile's entry promotes technological innovation, enhances the competitiveness of autonomous brands, and optimizes market business models. Since deliveries began in April, Xiaomi Automobile delivered over 135,000 vehicles in 2024, exceeding 25,000 in December and maintaining over 20,000 deliveries for three consecutive months. Among emerging automakers, Xiaomi Automobile stands out, demonstrating good market adaptability and development potential.

Hovo Auto

In 2024, Hovo Auto delivered 85,697 vehicles, a 70% year-on-year increase. In December, it delivered 12,136 new vehicles, a 21% year-on-year increase, ranking among the "10,000-club" for four consecutive months and achieving an "eight-consecutive increase" in sales. Notably, the new Hovo Dreamer sold over 10,000 units in December alone.

Hovo Auto plans to launch more than four new or facelifted models in 2025, striving to achieve the sales target of 200,000 vehicles and continuing to build the first brand of NEVs among central state-owned enterprises.

ARCFOX

ARCFOX sold 81,017 vehicles in 2024, a 169.91% year-on-year increase, achieving sales doubling for three consecutive years. In December, sales reached 12,032 vehicles. Since the second half of 2024, ARCFOX's sales have shown a steady upward trend, with monthly sales stabilizing at over 11,000 vehicles. December sales set a new record. With impressive sales data and strong development momentum, ARCFOX ranks among the top 6 in the new force pure electric vehicle market, leading state-owned pure electric brands.

AVATR

AVATR made steady progress in 2024, achieving a dual-power product layout for three models. As the only high-end brand offering both pure electric and extended-range dual-power options, it met the needs of more users. Its cumulative sales reached 73,606 vehicles, doubling year-on-year and leading the industry in growth rate. In December, sales reached 11,067 vehicles, exceeding 10,000 for three consecutive months.

IM Motors

IM Motors sold a total of 65,505 vehicles in 2024, a 71% year-on-year increase. While its performance is not outstanding among emerging automakers, it has achieved steady sales growth for four consecutive years. In December, it reached the milestone of 100,000 users and maintained a record of zero spontaneous combustion for all 100,000 IM Motors vehicles.

Overall, China's NEV market is progressing towards diversification, intelligence, and sustainability. Emerging automakers continue to invest in technological research and development, market expansion, and enhancing user experience, propelling industry growth. With technological advancements and market maturity, the NEV market is poised to innovate further, offering consumers more quality choices and elevating global new energy travel to new heights. (End)