Cui Dongshu: The wholesale sales of new energy passenger vehicles reached 1.37 million vehicles in October, an increase of 54% year-on-year.

In the article, Cui Dongshu stated that as the country called for anti-internal competition, terminal prices also stabilized in the third quarter. The scrap and renewal policy further strengthened, and local policies for replacing old with new gradually emerged. The consumer's wait-and-see attitude eased, and overall, the heat of the new energy vehicle market has increased. In October, the wholesale of new energy passenger cars reached 1.37 million units, showing a good performance with a year-on-year growth rebound to 54%, which is much higher compared to the 33% growth from January to September. The wholesale in October increased by 17% compared to the previous month. The production and sales of new energy vehicles showed strong trends in October, with manufacturers achieving record high sales, domestic retail, and production, reflecting the significant effect of new energy vehicles as replacements for traditional fuel vehicles. The recovery growth of small and micro electric vehicles further expanded the consumer space in the car market, achieving better overall growth.Promote plug-in hybrid car models to further divert demand from fuel vehicles.3. The performance of independent and new energy vehicles continues to be strong. Looking at the monthly domestic retail sales, the performance of pure electric independent and new energy vehicles in October was super strong. The market size of mainstream joint venture car companies and traditional luxury cars is far lower than Tesla. New energy vehicle companies such as NIO, NIO EC6, Li Auto, and Zero Run continue to show strong year-on-year and month-on-month sales performance overall, especially NIO and Li Auto, which also have the advantage in the segmented market race. Independent brands have a large advantage in the pure electric market, with Tesla being the main high-end player. Recently, plug-in hybrids have increasingly taken the lead, becoming the exclusive territory of independent and new energy vehicles. 3. The differentiation of major manufacturers of new energy vehicles in October 2024 1. Trends in sales of major manufacturers of new energy vehicles by month In terms of product launches, with the implementation of the "multipronged" strategy of independent car companies in the field of new energy, the market base continues to expand, with more and more manufacturers achieving monthly wholesale sales of over 10,000 units. Independent companies occupy an absolute dominant position, but some car companies are facing continued pressure from declining cumulative sales. There hasn't been much change in the major new energy vehicle manufacturers between this year and last year, with BYD Company Limited remaining unchanged at the top, but Geely and Tesla have achieved a reversal. Pure electric models like Wuling and Changan have shown strong performance in month-on-month trends. 2. Wholesale performance of new energy passenger car models The trend of new energy car models is relatively strong, with sales of top models exceeding 30,000 units, but there are also models that have shown significant year-on-year and month-on-month declines. 4. Analysis of the pure electric vehicle market in October 2024 1. Trends in sales of major manufacturers of pure electric vehicles In recent years, the pure electric passenger car market has been dominated by BYD Company Limited, Tesla, and traditional independent brands, but recently new energy companies have shown significant improvement. In October 2024, the new energy passenger car market diversified its efforts, with major groups showing differentiated performance. The top performers in October 2024 were BYD Company Limited, Geely Auto, Wuling, Tesla, Chongqing Changan Automobile, etc. Joint venture pure electric car companies performed relatively weakly. The overall trend of new energy companies is differentiated, with NIO, Xiaopeng, and Zero Run among the strong performers, while some new energy companies focusing on pure electric models showed average performance overall. 2. Wholesale performance of major pure electric models in October 2024 The pure electric vehicle models showing relatively strong performance in October 2024 were Haigou, MODELY, Hongguang mini, MODEL3, BYD Company Limited EUN. BYD Company Limited's Haigou product in the mini electric car segment has a strong performance and meets entry-level demands. Although the previous trend of Wuling Hongguang mini was weak, recent improvements in Hongguang mini and Changan Lumin, as well as significant strides in models like Bingguo, and decent performances from Geely's Panda mini and Geely Xingyuan in the mini electric car segment were notable. 5. Plug-in hybrid market analysis 1. Improved performance of plug-in hybrid new energy vehicle companies The trend of plug-in hybrids in October 2024 was differentiated, with BYD Company Limited in an absolute leading position. As BYD Company Limited has high sales, Geely Auto, Great Wall Motor, Chongqing Changan Automobile, SAIC-GM Wuling, etc., followed BYD in developing plug-in hybrids. Recently, new plug-in hybrid products from Geely and Great Wall are competitive. Joint venture car companies showed relatively weak performance in the plug-in hybrid market. Due to differences in the industrial chain, some joint venture companies with plug-in hybrid powertrains showed relatively excellent performance. Recent trends in European plug-in hybrids were weak, and the performance of luxury car hybrids was not strong. 2. Strong wholesale performance of major plug-in hybrid models Plug-in hybrid models reflect the dominance of traditional domestic brands. Recently, BYD Company Limited's Song, BYD Company Limited's Qin, and the Destroyer 05 have had good sales. BYD Company Limited's product portfolio is rich, and its trends cover a large range. European and American companies have not paid much attention to the luxury plug-in hybrid market, and their sales trends have been relatively stable. Recently, the performance of pure electric and plug-in hybrid models exported to European markets has been good, with BYD Company Limited's Hai Bao exporting more, driving a slight increase in the European new energy market for Chinese plug-in hybrids. 6. Analysis of the extended range market 1. Performance of extended range new energy vehicle companies In October 2024, the performance of extended range new energy vehicle companies was particularly strong, with some companies like Li Auto and Chongqing Sokon Industry Group Stock showing signs of explosive growth. Ideal's extended range performance in October was very good, and products from Changan Automobile and Zero Run continued to show fast growth. 2. Performance of extended range new energy vehicle models Chongqing Sokon Industry Group Stock's extended range performance was particularly strong, making it a dark horse recently. Ideal Motors has been driving growth in the extended range market, but actual user demand still leans towards pure electric models. In October 2024, Ideal L6 continued to be a leading model, with the Wenjie M7 also performing well. Competition in the market for major models is intensifying, with models selling over ten thousand units per month facing strong competition, and the growth in the Changan series also doing well. Ideal L6 is the leading model in the extended range electric vehicle market, while Ideal L9's performance is gradually slowing down, and sales are shifting towards the L7 model. This indicates that consumers still have good acceptance of lower-priced extended range vehicles, and the cost-effectiveness of extended range models remains important. Recently, Changan's Shenlan extended range and Qiyuan pure electric models have also started, forming differentiated features.