China wholesales November 2024: All time high market, Jetour and Leapmotor continue on record streak

Leapmotor breaks its all-time monthly volume record for the 6th consecutive month.

Now that trade-in incentives are in full force and promotional activity by local governments and manufacturers gears up towards for the end-of-year sales push, the Chinese wholesales market reaches unseen before heights in November. According to data by the CAAM, it amounts to a record 3,316,000 units, up a very robust +11.7% year-on-year. This is particularly impressive as November 2023 was already up 27.4% on the year prior and a new record at the time. This includes 3,001,000 passenger cars, up 15.2% and above the 3 million mark for the first time, and 315,000 commercial vehicles, up 5.6%. Year-to-date, the market is up 3.7% to 27,940,000 units including 24,435 passenger cars (+5%) and 3,505,000 commercial vehicles (-4.4%).

Over 100,000 Xiaomi SU7 have now been dispatched.

New energy vehicles (NEVs) continue to boost the overall market with wholesales up 47.4% year-on-year to 1,512,000 units. BEVs are up 29.3% to 908,000 and PHEvs up 86.8% to 604,000. After 11 months, NEVs are up 35.6% to 11,262,000, with BEVs up 15% to 6,738,00 and PHEVs up 85.2% to 4,519,000. Domestic NEV sales reach 1,429,000 units (+53.8%) with exports are down -14.1% to 83,000. Year-to-date, NEV wholesales are up 35.6% to 11,262,000 and domestic sales up 40.3% to 10,121,000. Note NEVs accounted for over 50% of all domestic passenger cars sales for the 4th consecutive month. Exports edge up 1.6% year-on-year to 490,000 including 419,000 passenger cars (+3.2%). 11 month exports jump 21.2% to 5,345,000 including 4,520,000 passenger cars, up 21.5%.

Jetour is at its best for the 4th straight month.

For once BYD (+59.2%) doesn’t break its all time volume record, sliding down from 414,000 sales last month to 398,000. This is still roughly double the volume of the #2, Volkswagen (-1.9%). A slew of new models continue to prop BYD up: the Qin L, Sealion 05, Sealion 07, Seal 06, Seal 06GT, Song L and Yuan L were all launched less than a year ago, while the Destroyer 05 (+186.6%), Tang (+50.3%), Seagull (+38.3%), Han (+36.6%) and Song Plus (+15.4%) all improve. For its part Volkswagen can count on the Tayron (+61.6%), ID.4 X (+49.5%), Tharu (+43.7%), Tiguan L (+18.6%) Passat (+18.4%), Lavida (+10.7%), Golf (+9%) and Tavendor (+8.5%) to limit its fall. 

New volume record for the BYD Seagull.

This month Geely (+19.6%) overtakes Toyota (+11.3%) and breaks a 7 year-old all-time monthly volume record, its previous best being 148,916 sales in January 2018. Wuling (+38.3) reaches its highest tally since December 2021, repeating at #5. Changan (+1.5%) and Chery (+41.8%) are also in positive below, the former at its best since last January and the latter since July 2022. Honda (-27.9%), Nissan (-15.5%), BMW (-15.9%) and Audi (-11.8%) are all in freefall whereas Tesla (+12.8%) reaches its best result since December 2023 and Mercedes (+30.8%) also shines. Li Auto (+18.8%) continues to progress at #14, just as Jetour (+67.1%) breaks its monthly volume record for the fourth consecutive month. There are a lot of additional record breakers further down the list: Leapmotor (+109.9%) is at its best for the 6th straight month, almost doubling its record in the process, while Xpeng (+36.2%), Zeekr (+106.1%), Deepal (+86.5%), newcomer Xiaomi and Bestune (+101.7%) also reach all time highs. 

Xpeng also reaches an all-time high volume in November.

Looking at the models ranking in isolation, the BYD Seagull (+38.3%) dominates head and shoulders, lodging its third pole position in the past 4 months and breaking its volume record to over 56,000 units. The Tesla Model Y (-10.6%) is back up four spots on last month to #2 but loses ground year-on-year. The BYD Song Plus is down one rank to #3 as is the BYD Qin Plus (-3.3%), still #1 year-to-date. The Wuling Hongguang Mini EV (+51.3%) confirms its resurgence at #5, distancing the new BYD Qin L, Nissan Sylphy (-15.7%) and VW Lavida (+10.7%). The Tesla Model 3 (+89.4%) rounds out the Top 10. The Xiaomi SU7 breaks into the Top 20 for the first time at #18 and easily surpasses the 100,000 sales mark since launching last April.

Previous month: China wholesales October 2024: BYD (+68.1%) breaks record again, monopolises Top 5

One year ago: China wholesales November 2023: Sales surge 27.4% to record November

Full November 2024 Top 99 All brands and Top 567 All models below.