BYD is knocking the ball out of the park every month. In August, it delivered 370,854 vehicles, up nearly 30% compared to August of 2023. There are somewithin that number. New energy vehicles, which in China include both battery-electric and plug-in hybrid cars, totaled 366,973. Of those, 146,690 were battery-electric cars, down nearly 10,000 from last year.
Upstart Xiaomi, best known for its cellphones, said it delivered more than 10,000 cars in August for a third straight month. In July, CEO Lei Jun said the company aimed to deliver 100,000 units of its SU7 electric sedan by the end of November, which means it needs to deliver an average of 16,000 cars a month from August to November, according to.
Apparently, Chinese car buyers are not that interested in purchasing a new gasoline-powered car. Passenger vehicle sales in China fell in August for the fifth straight month, though sales of all-electric and plug-in hybrid models rose, helped by those new subsidies.reports that total sales fell 1.1% from the same month a year earlier to 1.92 million vehicles, according to data from the China Passenger Car Association. That came on top of a 3% decline in July.
However, sales of new energy vehicles surged by 43% to account for a record 53.5% of total car sales. Both BYD and Tesla had their best sales month of 2024. Car exports increased 24% following a 20% rise in July. The numbers reflected waning consumer confidence,says, with first time car purchases lagging behind trade-ins. “Over 80% of the applicants for trade-in subsidies opted to buy NEVs,” CPCA secretary general Cui Dongshu said.
Rising EV and plug-in hybrid sales have barely helped with challenges at dealerships that are battling price falls. More than half of the dealerships in China suffered a loss in the first six months of 2024, data from the China Automobile Dealers Association showed. China Grand Automotive Services, the second largest dealership group in China, was de-listed from the Shanghai stock exchange in August after its stock traded below par value for 20 consecutive days.