China’s new energy passenger vehicle (NEV) market rose 51% year over year in November, with wholesale volumes reaching 1.46 million units, according to data from the China Passenger Car Association (CPCA).
In October, the country saw its NEV sales reach 1.196 million units.
The figure represents a 51% increase compared to the same period last year and a 6% rise from October, highlighting sustained demand in the sector.
Bernstein, in a client note earlier this week, pointed out the China NEV market growth for next year compared to challenges in the U.S. and Europe.
The firm expects Chinese NEV sales to grow by over 45% in 2024 and by 20%-25% in 2025, despite the gradual removal of certain government incentives.
BYD and Geely led the market, with estimated wholesale volumes of 504,003 units and 122,453 units, respectively. Tesla China ranked fifth, with 78,856 units sold during the month, CPCA data showed.
BYD, which will enter new markets next year, such as South Korea, is expected to sell more than 6 million vehicles in 2025.
Leapmotor, backed by Stellantis, announced in early November that it expects to deliver 500,000 units in 2025, double its target for 2024.
Nio’s founder and CEO, William Li, stated also earlier this month that the company aims to double its output in 2025, potentially exceeding 440,000 vehicles across its Nio, Onvo, and Firefly brands.
