The Bao 8, BYD's first car equipped with Huawei's smart driving technology (Source: Fangchengbao luxury electric car brand of BYD Auto Co. Ltd. (BYD))

  The China Association of Automobile Manufacturers (CAAM) announced on October 12, 2024, that vehicle sales volumes in China showed a 2.4% year-over-year (y/y) increase to 21.571 million units during the January to September period of 2024. Of this total, passenger car sales grew 3% y/y to 18.679 million units, while commercial vehicles declined 1.6% y/y to 2.892 million units. New Energy Vehicles (NEVs: BEVs, PHEVs, FCVs) grew 32.5% y/y to 8.32 million units, giving NEVs a 38.6% share of the motor vehicle market in China.

  This report presents significant trends and activities of major Chinese and foreign automakers in the Chinese market in the third quarter (Q3) of 2024. Chinese automakers are accelerating their efforts to strengthen the smart (intelligentization) sector, with BYD, Dongfeng Motor Corporation, Chongqing Changan Automobile Co., Ltd. , and Great Wall Motor Co., Ltd. forming partnerships with Huawei Technologies Co., Ltd. NIO Inc., XPeng Inc. , and Li Auto Inc.  announced their smart technology achievements. Zhejiang Geely Farizon New Energy Commercial Vehicle Group Co., Ltd. the FAW Hongqi brand, and the Dongfeng Voyah brand conducted autonomous driving tests on public roads.

  Major foreign automakers are accelerating the launch of BEV models. Audi will launch a BEV model developed exclusively for the Chinese market in 2025. Mercedes-Benz will begin production of the new BEV long-wheelbase CLA and the new BEV MPV exclusively for China in 2025. GAC Honda Automobile Co., Ltd. will release six new BEV models by 2027. In addition to this, all BEVs to be launched by the VW brand in China from 2026 will be equipped with the E/E architecture jointly developed by Volkswagen and XPeng.

Related reports:
GAC: Aiming to Sell Over 4.75 million Units by 2030 (Oct. 2024)
Smart Driving Technology of XPeng and Li Auto (Sep. 2024)
NIO's Intelligent Technology (Sep. 2024)
Chinese Market H1 2024: New Vehicle Sales Exceed 14M Units, NEVs 4.9M (Aug. 2024)
Chinese Market Q2 2024 (Aug. 2024)
Chinese Market Q1 2024 (May 2024)