China Passenger Car Association: In October 2024, the retail sales volume of the domestic narrow passenger car market reached 2.261 million units, an increase of 11.3% year-on-year

Following the "golden September" sales peak season, the domestic auto market continued to maintain a high heat in the "silver October". With the incentive of the national "old for new" policy, the new energy vehicle market has ushered in a significant growth momentum. Looking at the overall market, data from the China Passenger Car Association showed that the retail sales volume of the domestic narrow passenger car market reached 2.261 million units in October, an increase of 11.3% year-on-year and 7.2% month-on-month.

Among them, the sales volume of new energy vehicles reached 1.196 million, a year-on-year increase of 56.7% and a month-on-month increase of 6.4%. The retail penetration rate soared from 32.8% in January to 53.0% in October. The growth of new energy vehicles in China can be described as rapid.

In terms of specific brands, the list of the top 10 domestic new energy vehicle companies in terms of retail sales in October has not changed compared with September, but the rankings of some car companies in the list have been adjusted. The following is the top 10 new energy vehicle companies in terms of retail sales in that month:

In terms of year-on-year changes in retail sales, 9 automakers saw significant year-on-year growth, with only GAC Aion experiencing a decline. In terms of month-on-month changes, 6 automakers saw month-on-month growth, while 4 saw a decline. The top three positions on the list remained unchanged compared to September.

BYD continues to top the list, having once again broken its own monthly sales record, ranking first on the list with retail sales of 431,000 vehicles.

Compared with the same period last year, it increased by 67.2%, and compared with last month, it increased by 11.5%. The year-on-year and month-on-month growth rates were significantly higher than those in September. As of the first 10 months of this year, BYD's cumulative retail sales reached 2.898 million vehicles, a year-on-year growth rate of 35.2%, accounting for 34.8% of the market share.

The most obvious increase was in Chery Automobile, whose retail sales in October increased by 416.3% year-on-year, jumping from seventh in September to fifth on the list. Closely following was Seres Automobile, whose retail sales in October increased by 142.9% year-on-year.

Tesla's retail sales in China in October dropped 43.9% month-on-month, unexpectedly falling out of the top five. Its ranking dropped from fourth in September to seventh. Tesla's sales fell sharply, most likely because it exported most of its Model Y and 3. This strategy reduced supply in the domestic market, which affected sales.

GAC Aion, ranked tenth, continued its sales decline, becoming the only automaker on the list to see a year-on-year decline. Its retail sales in October were 31,900 vehicles, down 22.8% year-on-year, and it has been falling for nine consecutive months since February this year.

Zikuai Technology