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China's Electric Vehicle Market Shows Strong Growth and Competitive Landscape
The Chinese electric vehicle (EV) market continued to thrive in October 2024, with over 1.23 million registrations, marking a 37.8% increase compared to the same period last year. This growth was driven by a more balanced market with closer competition between some brands.
In the year-to-date table, BYD maintained its dominance, selling approximately 2.76 million units, a 28% increase from the first 10 months of 2023. However, its market share slightly decreased from 34.6% to 32.1%. Tesla held onto second position with 502,151 units, a 7% increase, while Li Auto moved up to third spot with 393,728 units, a 38.3% rise compared to the first 10 months of last year.
Wuling, a brand known for its affordable electric vehicles, took third place across the first 10 months of 2024 with 446,752 units, a 40% increase from the same time last year. Wuling also enjoyed an impressive month, with 79,151 deliveries in October.
Meanwhile, Chery had its best-ever month in its domestic market in October, with 35,887 registrations. Aito, another brand making strides in the EV market, registered a significant year-to-date growth of 501.9%, with 324,310 registrations.
The BEV market led the increase in volume, while the PHEV sector enjoyed the best delivery growth. Notably, Leapmotor had a record month in October, with 36,086 units, and has registered 205,817 units in the first 10 months of 2024, a 90.5% improvement compared to the same period last year.
Aion ended the month with 31,925 registrations, the only one of the top 10 to see deliveries decline year-on-year. Tesla had its worst month since April, with 40,595 units. Geely ended the month with 32,048 units, marking its best-ever month, and its EV brand, Galaxy, recorded 184,747 deliveries in the 10-month period, an improvement of 220.5%.
Despite facing competitive and growth headwinds in 2025, BYD remains the leading Chinese EV maker by sales volume. Its domestic market share, however, declined from around 35.4% in mid-2023 to approximately 27.8% by mid-2025 due to intense price competition, overcapacity, and slowing domestic growth.
In summary, the Chinese EV market is experiencing robust growth, with more balanced competition between brands. While BYD's dominance has slightly eroded, it continues to lead in sales volume and has expanded its export footprint, which rose to over 20% of sales in 2025. Other brands like Wuling, Aito, and Leapmotor are also making significant strides in the market.
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