China's Electric Vehicle Market Sees Surge in October Sales Figures

The National Association of Automobile Manufacturers has announced the latest batch of passenger vehicle sales data for October, revealing a significant rise in demand for electric vehicles.

According to preliminary estimates based on data from all domestic manufacturers, the country's top 10 passenger vehicle makers sold over 140 million units in October. This marked a year-over-year increase of 58% and an annual rate of change (YARD) of 14%.

Battery-powered brands such as Bai Di Bi and Ji Li topped the charts, with sales figures significantly higher than those seen last month. For instance, 50.05 million units were sold by Bai Di Bi alone in October, surpassing the brand's previous monthly sales record for the first time.

Among the top five performers in terms of new energy vehicle (NEV) sales was Ji Li, which took second place with a total of over 10.87 million units sold, of which nearly 6.4 million were from its affiliated EV brand Yinhua.

In third place was General Motors Daewoo Automotive Co., Ltd., followed closely by BYD with over nine million NEV sales for the month. The top five NEV players also accounted for over a quarter of the total sales figures for the month, underlining the growing presence of new energy cars in China's automotive market.

In sixth place was Chery Automobile Co., Ltd., seventh was NIO Technology Co., Ltd., eighth was Geely Automobile Group, and ninth was BYD. The tenth-placed company was Changan Automobile Co., Ltd.

The National Association of Automobile Manufacturers' release highlighted the substantial improvement seen by China's traditional automotive manufacturers compared to their peers during the period.