In 2024, China exported 859.3k units of BEVs, marking a decline of 10.3% for the first time. The export volume accounted for 22.4% of total sales, which is a decrease of 4.8 pct compared to 2023

The market share of local makers increased from 61% in 2020 to 71% in 2024, while the share of JV & FO makers dropped to 29%. New car maker startups, represented by NIO, Zeekr, and XPeng, have demonstrated strong momentum in the BEV market

In the BEV market, sedans still dominate, but the share of SUVs has now reached 41%. As makers gradually focus on the MPV sector, the MPV market shows significant potential for growth

By 2024, B-segment and above BEVs reached 44% market share. A00-segment went fully electric, A0-segment 50% BEV, and B+ segments over 20% BEV. This suggests significant growth potential in larger BEV segments

The market share of BEVs priced below 100k yuan is gradually declining, while the share of the 100k-200k yuan and 200k-300k yuan segments is rapidly increasing. In contrast, the market for BEVs priced above 300k yuan is growing slowly.

BEV battery demand continues rapid growth, reaching 361.9 GWh in 2024, up 26.2% YoY. However, growth in battery capacity per vehicle has entered a stable phase.

Currently, the battery energy density range for BEVs is concentrated between 125 to 160 Wh/kg. The increasing demand for low-cost LFP batteries has led to a significant decline in batteries with energy density above 160 Wh/kg

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).

BYD’s passenger vehicle production in Sept reached 439.2k units, with sales of 417.6k units, resulting in a prod-sales ratio of 105%

• After reducing prod in Jun and Jul to clear market inventory, BYD‘s passenger vehicle prod and sales both hit record highs in Sept, driven by the intensive release of new models. Prod reached 439.2k units, a YoY increase of 57.3%, while sales were 417.6k units, up 45.6% YoY. The launch of its 5th-generation DM-i tech has been met with an enthusiastic market response.

As of Sep, BYD’s total production of passenger vehicles: 2.749M units, total sales: 2.736M units

• BYD’s cumulative production of passenger vehicles reached 2.749M, up 30.7% year-on-year. This is only 280,000 units short of last year’s total of 3.034M, with annual production expected to exceed 4M units. From January to September, BYD’s sales reached 2.736M, an increase of 32.2%. With new national policies, BYD’s sales this year are also expected to hit 4M units.

BEV sales were 165K (+11.1% MoM), and PHEV sales were 252.6K (+13.6% MoM)

• Based on the power type, in September, BYD’s BEV sales volume was 165k units, +11.1% MoM, +9.1% YoY, accounting for 40% of total sales. Among them, the sales volume of the Seagull was 43.4k, the Yuan+ was 31.5k, and the Dolphin was 20.3k.
• Meanwhile, the PHEV sales volume was 252.6k units, +13.6% MoM, +86.2% YoY, accounting for 60% of total sales. Among them, the sales volume of the Qin L DM and the Seal 06D both exceeded 40,000 units, while the sales volume of the Song Plus DM also exceeded 30,000 units.

Cumulative BEV sales: 1,169.6k; cumulative PHEV sales: 1,566.8k

• BYD’s cumulative PHEV sales: 1,566.8k, YoY +53.3%, surpassing last year’s total of 1,438.1k. With DM-I tech support, BYD is expected to exceed 2.3M units in this segment. Cumulative BEV sales: 1,169.6k, YoY +11.6%, 400k short of last year’s total. Annual sales are projected to reach 1.6M units.

BYD’s export volume in September reached 30.5k vehicles, representing a YoY increase of 8.8%, accounting for 7.3% of total sales. Among these, 21.7k units were BEV models, and 8.7k units were PHEV models.

The top three exported models were:

• Song Plus DM: 6k
• Yuan Plus EV: 4.7k
• Seal EV: 3.4k

BYD’s cumulative exports: 294.4k, (+102.3% YoY)

• As of Sept, BYD’s cumulative exports reached 294.4k, YoY +102.3%. If the current trend continues, total annual exports will approach 400k, doubling last year’s total.
• Among these, BEV exports totaled 175.8k, and PHEV exports reached 117.8k. The Song Plus DM and Seagull EV were the two best-selling models, with cumulative exports of 60.3k and 46k, respectively.

Battery installed capacity was 19.8 GWh (+5.1% MoM)

In September, boosted by record new car sales, BYD’s battery installed capacity reached 19.8 GWh, +5.1% MoM, and +38% YoY, setting a new historical high.

BYD’s cumulative battery installed capacity reached 127.72 GWh

As of September, BYD’s cumulative battery installed capacity reached 127.72 GWh, with a YoY increase of 26.5%. This is only 23.189 GWh less than last year’s total installed capacity of 150.909 GWh. Based on current trends, BYD’s total installed capacity for 2024 is expected to reach 190 GWh, representing a YoY growth of 26%.