While ICE vehicles maintained an 8.6% growth, the sales growth of Toyota’s BEVs became the primary driver of overall sales growth in the Chinese market.
Among them, the newly launched bZ3X remained the main model driving this growth.

The biggest highlight of the Toyota bZ3X is its adoption of the Momenta 5.0 intelligent driving system, equipped with sensing hardware such as LiDAR, enabling intelligent driving functions on highways and in urban areas. In comparison, its competitors generally lag behind the bZ3X in intelligent driving capabilities; additionally, the bZ3X’s pricing is highly competitive, which is why it has achieved success so far.

Toyota bZ3X focuses on the mainstream market through high – intelligent driving technologies (LiDAR + Orin X chip) and precise pricing (ranging from 109,800 to 159,800 yuan). Relying on the Chinese team to lead the entire development process, it achieves breakthroughs with the strategy of “joint – venture quality + intelligent equal rights”.

Export volume has increased year by year, with Chery passenger vehicles growing from 26k units exported in 2015 to 700k units in 2024, with exports accounting for nearly 30% of its total sales.

ICEs remain Chery’s main sales type, accounting for more than 80% of its total internal sales. BEVs have been promoted for several years but still cannot bear the main burden. PHEV+EREV has already surpassed BEV.

Chery PV currently has four brands, among which the Chery brand’s share has shrunk to 69%, while Jetour maintains a 22% share, and Exeed and Luxeed (the latter in collaboration with Huawei) together account for 8%. Tiggo 8, Jetour T-1, Exeed M38T, and Luxeed S7 are the main selling models for each brand.

Chery PV sales are currently concentrated in the 100k-200k RMB range, increasing from 46% in 2020 to 63% in 2024. The proportion of 200k-300k models has also increased to 11%. Upward movement in product strength has achieved positive results.

Except for North America, which declined by 27.9%, Chery’s exports to other regions showed significant growth in 2024. Europe and Asia are its main export regions, accounting for 45% and 32% of the share respectively.

Among the top 10 export countries, Russia is Chery’s main export destination, accounting for 36.8% of export share and growing 21% YoY in 2024. Mexico is the only country among the top ten that declined YoY, while Brazil grew by more than 86%, ranking third.

In 2024, although the export volume of Chinese-made BEVs to the EU declined by 12.1% YoY, they remained the main export type. Meanwhile, ICE and PHEV exports increased by 27.6% and 66.9% YoY, respectively.

In 2024, Tesla China ranked first in exporting PVs from China to the EU, despite a 23% YoY decline, holding a 25.4% market share. SAIC was second with a 33% drop, while Volvo Asia-Pacific ranked third with a 29% increase. BYD’s growth of 120% allowed it to surpass Chery, claiming the fourth spot with a 10.7% market share.

Belgium was the top destination for Chinese PV exports to the EU in 2024, with export volume growing 24% YoY, accounting for 37.1% of total exports. Spain and Italy ranked 2nd and 3rd, with YoY changes of -14% and +16% respectively. Romania was the fastest-growing market, with exports increasing by 833% in 2024.

Belgium and Spain are the main destinations for Tesla and BYD exports, accounting for 70% of the share. Meanwhile, SAIC and Chery’s primary export destination in the EU is Italy, followed by Spain.

Livanauto primarily exports to Spain, while Polestar’s top two export countries are Germany and Sweden. BMW Brilliance, Smart, and Lynk & Co mainly export to Belgium and Spain.

In the European region, the top three countries for Tesla China’s exports in 2024 are Belgium, the UK, and Spain. Belgium saw a YoY increase of 16%, accounting for 53.1% of the total, while the UK and Spain declined by 32% and 61%, respectively. Romania recorded the highest growth, whereas the Netherlands experienced the largest decline.

Excluding the European region, the top 3 countries for Tesla China‘s exports in 2024 are Canada, Australia, and Thailand, with YoY declines of 30%, 27%, and 74%, respectively. The Philippines, UAE, Mexico, and Indonesia are new export destinations for Tesla China in 2024, while Singapore is the only country to record a YoY increase.

At present, the proportion of NEV sales from ZEEKR and LYNK&CO has reached 77%, while ICE sales (all under LYNK & CO) have decreased from 46% in 2023 to 23% in 2024, and are expected to further decline to 10% in 2025.

Zeekr and Lynk & Co ranked 11th and 16th respectively in 2024’s new energy vehicle sales. After merging, their combined sales reached 390,000 units, placing them 6th overall with a market share of 3.2%.

Lynk & Co’s NEV sales focus on the under-250k RMB segment, while ZEEKR targets above-250k RMB. This complementary positioning helps avoid internal competition and is expected to continue in future product planning.

In 2024, Zeekr and Lynk&Co’s total export volume was 11.7k units, a YoY decline of 48.4%. The Netherlands remained the top export destination, but exports to the country dropped by 57%. Looking at the top five countries, Zeekr and Lynk&Co’s primary export region was Europe.

ICE exports were 281k units (-0.1% MoM), PHEV/EREV exports were 19k units (-3.6% MoM), and BEV exports were 86k units (+8.4% MoM).

• ICE remains the main export, but PHEV/EREV exports are rising fast. In Sept, ICE exports reached 281k (+15.1% YoY); PHEV/EREV exports were 19k (+645.8% YoY); BEV exports were 86k (+0.7% YoY).
• In the first 9 months, total ICE exports were 2,257k (+30% YoY); PHEV/EREV exports hit 178k (+298% YoY); BEV exports totaled 692k, flat YoY.

Sedan exports were 104k (+3.4% MoM), SUV exports were 270k (+1.5% MoM), and MPV exports were 7k (-33.2% MoM)

• By vehicle type, SUVs are the main export category, accounting for nearly 70% of the total. In the first nine months, cumulative exports reached 2,125k, a YoY increase of 20%. Sedan exports totaled 901k, up 40% YoY, while MPV exports reached 70k, with an increase of 86% YoY.

Top 20 passenger vehicle manufacturers by export volume

• Among the top 20 manufacturers by export volume, Chery, SAIC, and Geely rank 1st, 2nd, and 3rd, with cumulative export volumes of 543.1k, 372.8k, and 299k, respectively. However, due to the EU’s tariff increases, SAIC’s export volume, which is primarily focused on the European market, has decreased by 17.9% YoY.
• In recent years, BYD has made significant strides in the overseas market, with its cumulative export volume reaching 293.7k, representing a YoY increase of 101.8%.
• Tesla China has reported a cumulative export volume of 215.6k this year, down 18.8% YoY, while JV manufacturers such as Kia and Hyundai have also begun their export efforts.

Top 20 models by export volume

• The top three models by cumulative export volume are the Tesla Model 3 (147.4k, +68.2% YoY), MG ZS (111.5k, -29.3% YoY), and Chery Tiggo 7 (89.2k, +8.2% YoY). The Song Plus has become BYD’s best-exporting model, with a cumulative export volume of 70.6k in the first nine months, reflecting a YoY increase of 361%.
• Another Tesla model, the Model Y, saw its export volume drop to 68.2k this year, a YoY decrease of 53.7%.

As of Sept, the top 10 countries by cumulative export volume

• As of Sept, the top 3 countries in terms of cumulative exports of ICEs were Russia (722.2k, -5% YoY), Mexico (220.7k, +114% YoY), and the UAE (164.3k, +7% YoY).
• The top 3 countries in terms of cumulative exports of PHEVs were Brazil (71.7k, +282% YoY), Mexico (25.6k, +1871% YoY), and Uzbekistan (20.8k, +83% YoY).
• The top 3 countries in terms of cumulative exports of BEVs were Belgium (195.4k, +45% YoY), Thailand (85.4k, -26% YoY), and the UK (84.3k, -18% YoY).