China sets record with over 1 million NEV sales in November

Max McDee, 11 December 2023

In a groundbreaking development, China has witnessed a surge in its electric vehicle market, with over 1 million new energy vehicles (NEVs) sold in November. This remarkable achievement is not only a testament to China's commitment to cleaner transportation options, but to an exponentially growing demand from customers. There’s no other way to put it - it is a pivotal moment in the global automotive industry.

China, the world's largest automobile market, has been steadily embracing NEVs, which include battery-electric vehicles (BEVs), plug-in hybrids (PHEVs), and fuel-cell vehicles. The latest data released by the China Association of Automobile Manufacturers (CAAM) reveals that the country sold an unprecedented 1,026,000 NEVs in November, up approximately 30 percent from the previous year and marking a 7.32 percent increase from October.

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Breaking down the numbers, BEV sales reached a historic high of 702,000 units in November, showcasing a 13.5 percent year-on-year increase and an 8.67 percent monthly boost. PHEV sales also experienced a record-breaking month, with 323,000 units sold, reflecting an astonishing 89.5 percent year-on-year surge and a 4.19 percent monthly growth. Even fuel cell vehicle sales saw a substantial uptick, rising by 76.3 percent to 1,000 units, although that number pales in comparison to the rest of the NEV market.

Putting these figures in the context of China's overall automotive market, which saw 2,970,000 vehicles sold in November (a 27.4 percent year-on-year increase), NEVs claimed a noteworthy 34.5 percent market share, up from 33.5 percent in October.

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Zooming out to look at the broader picture, China's NEV sales in the January-November period totaled 8,304,000 units, marking a 36.7 percent year-on-year increase and accounting for an impressive 30.8 percent of the total 26,889,000 vehicles sold during the same period. Within this timeframe, BEV sales surged by 23.6 percent year-on-year, reaching 5,860,000 units, while PHEVs witnessed an astounding 83.5 percent year-on-year growth, with 2,439,000 units sold.

Remarkably, when excluding exports, China's domestic NEV sales for November alone amounted to a staggering 929,000 units, reflecting a 33.9 percent year-on-year increase and an 11.7 percent monthly rise. The January-November period saw China's domestic NEV sales, excluding exports, reach an impressive 7,212,000 units, with a year-on-year increase of 31.7 percent.

On the international front, China exported a total of 4.412 million vehicles in the January-November period, demonstrating a robust 58.4 percent year-on-year growth. NEVs played a substantial role in this export surge, with 1.091 million units shipped abroad, marking an impressive 83.5 percent year-on-year increase. Despite a slight dip in NEV exports from October, the global demand for Chinese electric vehicles remains strong.

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Additionally, China's domestic production of NEVs surged in November, with 1,074,000 units manufactured, showcasing a 39.2 percent year-on-year increase. This production growth is a significant step towards meeting the ever-increasing demand for eco-friendly vehicles in both domestic and international markets.

This historic milestone in China's NEV market underscores the growing global acceptance of electric vehicles as a sustainable and viable mode of transportation. Those numbers fly in the face of the likes of Volkswagen who claim demand for the electric cars is waning. The numbers don’t lie - they tell quite a story.



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