China Association of Automobile Manufacturers: In November 2024, the sales of new energy vehicles accounted for 51.4% of the total passenger car market, exceeding 50% for the fourth consecutive month.

The data from the China Passenger Car Association shows that in November, the sales volume of passenger cars was 2.419 million units, an increase of 22.5% year-on-year; the sales volume of new energy vehicles was approximately 1.243 million units, an increase of 61.4% year-on-year, showing significant outperformance compared to the overall market. In November, the sales volume of new energy vehicles accounted for 51.4% of the total passenger car sales, surpassing 50% for the fourth consecutive month and increasing by 12.4% compared to the same period last year. Overall performance of the new energy market In November, sales of pure electric vehicles were approximately 752,000 units, an increase of 44.4% year-on-year and 11.1% month-on-month; sales of plug-in hybrids were approximately 491,000 units, an increase of 96.9% year-on-year and a decrease of 2.9% month-on-month. The cumulative sales volume of new energy vehicles in 2024 was 9.455 million units, an accumulated year-on-year increase of 47.4%. TOP 10 cities for new energy passenger car sales volume In November, the sales volume of the top 10 cities accounted for 23.3%, an increase of 1.0% from the previous month (22.3%); the top three cities were Shanghai, Hangzhou, and Shenzhen. In terms of fuel type, except for Tianjin, Shenzhen, and Xi'an, where sales were dominated by pure electric vehicles, the top 10 cities were mainly dominated by individual users in terms of ownership. In this month, only Beijing had a new energy penetration rate of less than 50% (49.5%), with the top three cities being Tianjin (66.4%), Hangzhou (61.7%), and Shenzhen (61.4%). Analysis of pure electric vehicle submarkets In November, the top three submarkets for pure electric vehicles were: A0 segment (18.4%), A00 segment (14.9%), and B-SUV segment (14.6%). Compared to the previous month, the B segment market share increased relatively significantly (+4.5%), mainly driven by the growth of the A-SUV and A00 segments market share relatively decreased (-2.1%). Compared to the same period last year, the C segment market share expanded from 4.0% to 8.7%, while the A segment market share contracted from 14.2% to 7.4%. Analysis of ownership in the pure electric vehicle market In November, individual users accounted for 84.2% of the pure electric vehicle market, an increase of 56.1% year-on-year; unit users accounted for 9.7%, an increase of 21.8% year-on-year. Overall, individual users dominate the pure electric vehicle market, accounting for 81.4%, while unit users account for 11.1%.