In 2023, the Chinese electric vehicle (EV) market witnessed an unprecedented surge in sales, with several major automakers achieving remarkable milestones and setting ambitious goals for the future.
BAIC New Energy Leads with 84% YoY Increase
BAIC New Energy reported a staggering year-on-year increase of 84%, selling a total of 92,000 vehicles in 2023. Jihu Motors, a subsidiary, experienced a remarkable 138% YoY increase, reaching a cumulative sales figure of 30,016 units. The BEIJING brand trams achieved an impressive 66% YoY increase, totaling 62,156 units in annual sales.
Highlighting the success, the Jihu Alpha T5, positioned as an "all-optimum super pure electric SUV," was officially launched in December. Featuring the latest design language and an 800V high-voltage platform, it boasts a remarkable 660km cruising range under CLTC conditions.
Additionally, the advanced version of JiFox Alpha S is set to incorporate HUAWEI ADS 2.0 in the first quarter of 2024, promising an enhanced intelligent experience nationwide. Priced at 329,800 yuan, the Alpha S offers a pure electric range of 500 kilometers under NEDC conditions.
SAIC Motor Claims Second Spot
SAIC Motor secured the second position among Chinese car companies in terms of new energy vehicle sales. With 1.123 million units sold in 2023, the company reported a significant year-on-year growth in December, reaching 219,000 units. Zhiji Auto, a SAIC subsidiary, exceeded 10,000 units in December, with its flagship Zhiji LS6 becoming the top-selling Chinese brand pure electric vehicle.
SAIC Passenger Cars and SAIC-GM-Wuling witnessed year-on-year increases of 25% and 39%, respectively, in December. SAIC Volkswagen experienced a remarkable 134% YoY growth, with the ID. family contributing 19,000 vehicles in a single month. SAIC-GM reported a 312% YoY surge, with Buick Weilan 6 exceeding 10,000 units in December.
Nezha Automobile Achieves Milestones
Nezha Automobile delivered 127,496 units in 2023, surpassing cumulative sales of 380,000 units. Nezha GT maintained its dominance in sports car sales for seven consecutive months. The company announced a New Year promotion, offering exclusive red envelope gifts for orders placed in January.
Geely's Strong Performance
Geely Automobile reported a total sales volume of 1.6865 million units in 2023, marking an 18% YoY increase. The company set a sales target of 1,900,000 units for 2024, reflecting a 13% increase. Geely emphasized a focus on new energy vehicles, aiming for a 66% growth in this segment compared to 2023.
GAC Aian Sets Global Record
GAC Aian achieved a new global record, selling 480,003 vehicles in 2023, marking a 77% YoY increase. The company's high-end luxury brand, HaoBo, announced lifetime free charging rights for purchasers of HaoBo brand products.
BYD and NIO Showcase Impressive Growth
BYD reported a remarkable 62.3% YoY increase in new energy vehicle sales in 2023, reaching 3.0244 million units. NIO delivered 160,038 vehicles in 2023, representing a 30.7% YoY growth. The company achieved significant milestones in infrastructure development, with a global power swap station network and extensive charging station coverage.
Cyrus Automobile and Leapmotor Make Strides
Cyrus Automobile and Leapmotor achieved substantial YoY growth, with Cyrus reporting a 210.03% increase in December sales, reaching 31,490 vehicles. Leapmotor delivered 18,618 units in December, marking a 119% YoY increase and projecting a total of 144,155 deliveries for 2023.
Li Auto Targets 800,000 Sales in 2024
Li Auto delivered 50,353 vehicles in December, totaling 376,030 vehicles in 2023, setting a new record. CEO Li Xiang expressed gratitude and announced ambitious goals for 2024, targeting 800,000 annual sales, 100,000 monthly sales, and more.
Tesla Anticipates Record Deliveries
Analysts predict that Tesla's annual delivery volume in 2023 will surpass 1.8 million vehicles, contributing significantly to the global electric vehicle market. Despite challenges, including increased competition and potential reductions in tax credits, Tesla remains a major player.
Cui Dongshu Forecasts Continued Growth in EV Penetration
Cui Dongshu, Secretary-General of the Passenger Car Association, anticipates a robust growth in new energy vehicle penetration, reaching 40% in China in 2024. He highlighted the positive impact of declining lithium carbonate prices and battery costs, driving the ongoing shift from traditional fuel vehicles to electric alternatives.
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