SHANGHAI, Oct 14 (SMM) - China’s sales of new energy passenger vehicles stood at 517,000 units in September based on the Compulsory Traffic Accident Liability Insurance for Motor Vehicles, up 8% MoM and 59% YoY. The sales amounted to 3.99 million units from January to September, sky-rocketing 127% year-on-year. In terms of fuel type, the sales of pure electric vehicles rose 10% MoM and 51% YoY to 406,000 units in September, accounting for 79% of the total sales. The sales of plug-in hybrid electric vehicles (PHEVs) were flat MoM, but soared 104% YoY to 109,000 units, accounting for 21% of the total.
In terms of performance by car companies, the top 15 companies dominated 85% of the market share by selling a combined 438,000 vehicles in September, an increase of 13% month-on-month and 63% year-on-year. BYD’s sales hit a new record high of 167,000 units, making it the top seller and grabbing 32% of the market share. The figure was up 7% month-on-month and 177% year-on-year. BYD has stopped producing gasoline vehicles from March this year, boosting its capacity of new energy vehicles (NEVs). Meanwhile, its diverse car models have greatly catered to the domestic buyers. Thanks to the capacity ramp-up of its Shanghai Gigafactory, Tesla's sales surged 116% MoM and 48% YoY to 77,000 units. The sales of NEV start-ups represented by NIO, Li Auto and Xiaopeng have also grown steadily. For example, NIO ranked ninth with sales of 11,000 units, an increase of 2% month-on-month and 4% year-on-year.
In terms of performance of car models, the sales of BYD family sustained its boom and set a new record high. Song PLUS, BYD’s best-selling car model, recorded a sales volume of 34,000 units, up 10% MoM and 173% YoY. BYD Dolphin, which has been popular since its launch, was sold 26,000 units, an increase of 12% MoM and 1369% YoY. Tesla Model Y was the best-selling NEV brand. Following the transformation and upgrading of production lines, the sales of Tesla's Model Y and Model 3 increased further. The sales of Model Y spiked 45% MoM and 40% YoY to 47,000 units, while those of Model 3 jumped 698% MoM and 62% YoY to 31,000 units. After Tesla’s Shanghai factory was turned into a global export center, orders were diverted to the overseas market in August. However, Tesla shifted its focus back to the Chinese market in September, boosting its sales of Model 3. As traditional auto makers continue their transition to electrification, their NEV sales have kept increasing. For instance, Geely sold more than 8,000 Zeekr 001 cars, down 10% MoM, but a staggering growth of 445906% when compared with the same period last year.
China’s record high NEV sales reflect that the traditional peak season has arrived. In September, the Ministry of Finance, the State Administration of Taxation, and the Ministry of Industry and Information Technology jointly issued the Announcement on the Extension of Purchase Tax Exemption Policy for New Energy Vehicles. NEVs that are purchased during January 1, 2023-December 31, 2023 will be exempt from purchase tax. Local governments have also issued a new round of subsidy policies, benefiting the auto market. Driven by a series of favourable policies, NEV sales are poised to maintain the boom in the future.
