Chinese electric vehicle (EV) manufacturers, led by BYD, achieved a sales boom in late 2024, despite facing challenges both domestically and internationally.
Record Sales Figures
- BYD: Sold 4.27 million electric and hybrid vehicles.
- Li Auto: Delivered over 500,000 vehicles.
- Leapmotor: Doubled its sales to exceed 293,700 vehicles.
Fierce Competition
- Zeekr: Increased deliveries by 87% to 222,123 vehicles.
- Geely: Delivered 2.18 million vehicles, a 32% annual increase.
Demand Challenges
Well-known brands like Nio and Xpeng failed to meet their targets, despite a year-end demand surge. Additionally, trade tensions with the European Union impacted Chinese EV exports.
2025 Outlook
- Retail sales of passenger cars in China are expected to grow by just 2% to 23.4 million vehicles.
- Strong companies like Geely and BYD will continue to grow, while exports face pressure due to geopolitical issues.
Industry Recovery
Strong companies like Geely and BYD have seen a recovery, with expectations of increased sales for Xiaomi in 2025. Companies will continue to launch newer models to meet the demands of more selective buyers.
Conclusion
The Chinese electric vehicle industry faces fierce competition and demand challenges, but major companies continue to achieve growth, while traditional automakers risk losing more market share.