BYD Leads as New Energy Cars Dominate May Sales

June opens with Chinese automakers reporting robust May 2024 sales figures, signaling a decisive tilt toward electrification. Electric vehicle adoption accelerated across major brands, reshaping the competitive landscape for car manufacturers nationwide.

Market Leaders: BYD Extends Dominance
BYD maintained its pole position with 382,500 units sold in May, including 89,000 exported automobile shipments. Its mainstream Dynasty and Ocean Network series contributed 91.1% of volume (348,400 units), cementing their status as volume drivers. Premium sub-brands Denza and Fang Cheng Bao delivered 15,800 and 12,600 new energy car sales respectively, with Fang Cheng Bao showing rapid growth amid model expansion. However, the ultra-luxury Yangwang brand underperformed at just 139 units – an 80% yearly decline.

Through May, BYD’s cumulative sales reached 1.763 million car units (+38.7% YoY). To achieve its ambitious 5.5-million annual target, monthly sales must average 530,000 units moving forward – prompting recent price cuts across select models.

Geely: New Energy Cars Surpass ICE Vehicles
Geely secured second place with 235,200 passenger automobile deliveries (including 30,000 exports). Crucially, its new energy car sales surged 135% YoY to 138,000 units – representing 59% of total volume. Supported by its Geely, Lynk & Co, and Zeekr brands, the company has sold 602,800 electric vehicle units year-to-date (+137%), achieving 40% of its 1.5-million annual battery car target. Geely’s YTD total of 1.173 million vehicles (+49%) positions it well to exceed its 2.71-million yearly goal.

Changan and Chery: Expanding EV Footprints
Changan reported 224,300 car sales in May, including 94,800 new energy car units. Its 1.120 million YTD volume (+1%) requires aggressive acceleration to meet a 3-million annual target. Meanwhile, IPO-bound Chery sold 205,700 automobile units (+9.1%), with electric vehicle sales jumping 47.7% to 63,200. Chery remains China’s export leader with 100,700 overseas shipments (+7.7%) and 443,900 YTD exports.

Segment Dynamics: Sedans and Pickups Gain Traction
While mainstream sedan and SUV models drove volume, premium electric vehicle segments faced headwinds. Commercial pickup electrification also advanced, though specific model data remains limited. The battery car share expansion – exemplified by Geely’s 59% electrified mix – confirms irreversible market transformation.