① By the amount of compulsory insurance for new energy vehicles, BYD's domestic market share reaches one-third, with Tesla and Wuling ranking second and third; ② By the retail sales volume of new energy vehicles from January to October, BYD also holds a one-third share of the domestic market, with Geely Auto's market share surpassing Tesla for the year.
On November 14th, Caixin reported that this morning, China's annual production of new energy autos exceeded 10 million vehicles for the first time, becoming the world's first country to achieve an annual production of 10 million new energy autos. According to Chen Shihua, Deputy Secretary-General of the China Association of Automobile Manufacturers, it is expected that China's annual sales of new energy vehicles will reach 12 million vehicles in 2024.
From an annual production volume of 0.018 million vehicles in 2013 to exceeding tens of millions in 2024, new energy vehicles' production capacity has been accelerating under the dual drive of domestic demand and exports. By 2023, China's production and sales of new energy autos have ranked first globally for nine consecutive years.
While achieving a production volume of over 10 million vehicles per year, what is the current domestic market share pattern of various new energy vehicle brands?
Based on the compulsory insurance amount of various brands, as of the first half of 2024, BYD's domestic market share remains stable at one-third, with Tesla's market share at around 7%, and Wuling and Ideal at approximately 5% market share.
According to the China Association of Automobile Manufacturers' data for the first ten months of 2024, BYD's market share also reaches about one-third; Geely Auto, with brands like Zeekr and Lynk & Co, ranks second, holding a 7.6% share of the domestic new energy auto retail market, doubling year-on-year. Tesla's sales in China from January to October 2024 account for 6% of the domestic market share; SAIC-GM Wuling holds 5.7%; Ideal Auto's market share is 4.7%. Huawei's Zhiji Auto, which has a deep collaboration with Huawei, ranks seventh in the domestic market in terms of market share of retail sales for January to October 2024, showing an almost 500% year-on-year growth.
