Despite recent economic headwinds brought about by ongoing pandemic measures in China, the month of November saw an upsurge in Chinese EV sales as customers rushed to bag holiday deals before the end of the year. While performance varied from company to company, three of China’s newest vehicle manufacturers achieved monthly record deliveries of more than 10,000 units.
Topping the list with the greatest delivery volume was NETA Auto which sold around 15,100 vehicles, a year-on-year increase of 50.5%. Meanwhile, Beijing-headquartered Li Auto sold 15,034 vehicles, up 49.6% compared to the month prior. Shanghai-based Nio delivered 14,178 units in November, up 40.9%, while Guangzhou-based XPeng sold 5,811 units.
The surge in car purchases came as consumers rush to buy cars in order to seize government subsidies and other holiday discounts offered by companies to boost sales before the end of the year.
According to data released by the China Passenger Car Association (CPCA) for November, China’s EV retail volume is expected to grow 58.5% year-on-year with 600,000 units sold. In the total car market, electric cars are expected to account for over 35% of passenger vehicle sales in mainland China.
Currently, China is home to the world’s largest EV market, with a projected market value of 160.4 billion USD by 2022. As China’s EV market continues to pick up speed, the market is poised to grow by 15% from 2022 to 2027, which could result in a market volume of 323.6 billion USD by 2027.
