China Auto Daily丨China New Energy Vehicle Sales Surge in October with BYD and Li Auto Leading

October saw significant growth in new energy vehicle (NEV) deliveries, with Leapmotor, BYD, Li Auto, Xpeng, NIO, and Xiaomi all reporting record figures. Meanwhile, the second-hand car market shows robust growth, projecting an annual transaction value of ¥1.3 trillion.

cls · 2024-11-04

Exceptional October Deliveries by New Energy Vehicle Companies

The latest sales figures for October 2024 reflect a booming market for new energy vehicles (NEVs) in China, with multiple companies reporting substantial growth and record-high deliveries.

Brand	Sales Volume	Note
BYD	502,657	+66.5% YoY
Li Auto	51,400	+27.3% YoY
Leapmotor	38,100	+109% YoY
Xpeng	24,000	+20% YoY
NIO	21,000	+30.5% YoY
Xiaomi	＞20,000	——

Second-Hand Car Market Growth Projections

On November 3, Cui Dongshu, Secretary General of China Passenger Car Association, provided insights into the second-hand car market’s robust growth. In September 2024, the market saw 1.66 million transactions, a 4% year-on-year increase, with transaction values reaching ¥106.4 billion, up by 2% YoY. From January to September 2024, a total of 14.22 million transactions were recorded, reflecting a 5% year-on-year increase with a total transaction value of ¥939.2 billion, growing by 9%.

Cui projected that the second-hand car market for 2024 could reach nearly ¥1.3 trillion, considering a 9% increase observed in the first three quarters. The escalation in transaction values signifies an upward trend in the quality and price range of vehicles being traded, contributing to the market’s overall expansion.

NIO’s Third Brand FIREFLY to Use Pure Electric Technology

NIO President Qin Lihong addressed rumors about the company adopting hybrid technology by reaffirming that NIO’s third brand, FIREFLY, will continue with pure electric technology. Scheduled for a launch at NIO Day 2024, FIREFLY will feature rechargeable, swappable, and upgradeable electric systems.

Launch of New Chery Tiggo 7 Models

Chery has launched new variants of the Chery Tiggo 7, including the Tiggo 7 Plus, Tiggo 7 High-Energy Hybrid, and Tiggo 7C-DM. The Tiggo 7 Plus is priced between ¥99,900 and ¥129,900. The Tiggo 7 High-Energy Hybrid is priced between ¥107,900 and ¥139,900. The Tiggo 7C-DM is priced from ¥119,900 to ¥142,900. The Tiggo 7 High-Energy Hybrid boasts a 1.5TGDI high-efficiency hybrid engine with a thermal efficiency of 44.5%, combined fuel economy of 4.9L per 100 km, and an all-electric range of 120 km, ensuring a total range of over 1,300 km. The car is equipped with the Super DHT (Dedicated Hybrid Transmission) boasting a comprehensive efficiency of 92%, and features intelligent all-scenario four-wheel drive control offering 7 different four-wheel drive modes.