China’s electric vehicle manufacturers have reported strong November sales, with brands like BYD, Leapmotor and Xiaomi passing their annual delivery targets.
Electric vehicle brand BYD has so far delivered 3.74 million passenger cars, above its 2024 target of 3.6 million. Leapmotor surpassed its annual delivery target of 250,000 and Xiaomi reached its annual goal of 100,000 this month.
“Zeekr delivered 27,011 vehicles in November 2024, a 106% year-over-year increase,” according to Chinese EV brand Zeekr, though it has not yet met its annual delivery target.
Total electric vehicle sales reached 4.12 million worldwide in 2024’s third quarter, according to data from TrendForce.
While Tesla maintained the highest market share at 18.5%, BYD took second place with 17.5%.
BYD delivered over 504,000 passenger cars in November, an increase from October’s 500,500.
Battery-powered electric vehicle sales were up 3.9% year-over-year.
Plug-in hybrid vehicle sales surged 55.3% year-over-year. BYD led the sector, representing 40% of the global plug-in hybrid market share in Q3.
Chinese electric cars account for 80% of plug-in hybrid sales worldwide, according to the report. Li Auto and AITO, also Chinese brands, held the second and third most market share in Q3.
BYD’s (SHE: 002594) share price held at CN¥282.40 today, as of 3pm local time, up from the previous day’s ¥274.83 with a market cap of CN¥773.6 billion.