China's new energy vehicles hit record sales

VTV.vn - China's new energy vehicle sales in October set a record, led by BYD and XPeng, thanks to increased demand and expectations of new support.

China's new energy vehicle (NEV) makers have released October delivery figures, with some brands hitting record highs, indicating strong market demand for the vehicles.

BYD reported sales of more than 400,000 vehicles in October, its highest monthly figure this year. Xpeng reported deliveries of 42,000 vehicles, a record for the company and its second consecutive month of deliveries above 40,000.

In particular, some emerging brands of state-owned automakers have joined the "10,000-unit club", competing directly with leading electric vehicle startups such as NIO and XPeng.

Experts say the growth in NEV sales is largely driven by expectations of a return to incentive policies next year, prompting consumer purchases, while top automakers' profits are largely driven by new model launches.

Seasonal demand combined with multiple promotional campaigns have also been a major driver of recent sales, said Liu Dingding, a veteran technology analyst. Policy expectations have also fueled early purchases, as many consumers rushed to buy NEVs this year while expecting subsidies to be reduced or eliminated next year. Potential savings ranging from a few thousand to more than 10,000 yuan ($1,405) per car have fueled a wave of concentrated purchases.

September and October are traditionally peak months for car sales, and this year's momentum was further boosted by local subsidies, manufacturer rebates and the early start of 11/11 shopping festival promotions - all helping to boost consumer enthusiasm and lift NEV sales, said Liu Dingding.

According to Liu Dingding, the rapid growth of China's NEV market stems not only from the industry's improved competitiveness, but also from increased market confidence driven by policy support and consumer expectations.

According to the Chinese government's previously announced policy, starting from January 1, 2026, the NEV purchase tax will be cut from a full exemption to a 50% reduction, with the maximum tax reduction per vehicle dropping from 30,000 yuan in 2025 (4,215 USD) to 15,000 yuan (2,107.5 USD).

Source: https://vtv.vn/xe-nang-luong-moi-trung-quoc-dat-doanh-so-ban-ky-luc-100251104084757351.htm