According to Zhijia Finance APP, on December 1, multiple electric vehicle companies revealed their delivery performance for the previous month. Among them, BYD's November electric vehicle sales exceeded 0.5 million units, Li Auto has been the champion of Chinese brand sales for eight consecutive months, NIO's delivery volume has exceeded 0.02 million for seven consecutive months, and Leapmotor has completed its annual sales target ahead of schedule, showing impressive performance. Xiaomi's SU7 delivered over 20,000 units last month, while Zeekr's November deliveries reached 27,011 units, setting a new historical record. Bocom Intl noted that with provinces and cities across the country upgrading their old-for-new subsidy policies, coupled with the fact that the fourth quarter is traditionally a peak season for auto sales, it is expected that the sales of electric vehicles in the fourth quarter will still achieve significant year-on-year growth.

Specifically, BYD Holdings reported that in November 2024, the production of new energy vehicles was approximately 0.5406 million units, an increase of 70.8% year-on-year; sales were approximately 0.5068 million units, an increase of 67.87% year-on-year. In the international market, the company sold a total of 30,977 new energy passenger vehicles overseas in November 2024, including 28,141 units exported.

Guozheng International published a research report stating that after BYD officially released the fifth-generation DM technology, it gradually upgraded its main models such as Qin L, Dolphin 06, Song L, Song PLUS, Han, and Haise to DM 5.0. The organization believes that the new vehicles built on the new platform continue to be bestsellers, driving further growth in sales. Coupled with the government's old-for-new policy stimulus, it is expected that BYD's production and sales in Q4 will continue to hit new highs. The organization remains bullish on the company’s ability to maintain market share and steady performance growth due to its strong technological and cost advantages amid fierce industry competition.

At the same time, Li Auto released a statement that 48,740 new vehicles were delivered in November, up 18.8% year-on-year; as of November 30, Li Auto had delivered a total of 441,995 vehicles in 2024, with a historical cumulative delivery volume of 1,075,359 vehicles.

Li Auto's chairman and CEO, Li Xiang, stated that in the passenger vehicle market above 200,000 yuan, Li Auto has continuously ranked first in Chinese brand sales for eight months. From August to October this year, they exceeded Audi and BMW's sales in the Chinese market for three consecutive months.

In November, Leapmotor's monthly delivery volume first exceeded 0.04 million units, reaching 40,169 units, a year-on-year increase of 117%. From January to November, Leapmotor's total deliveries amounted to 251,207 units, marking a year-on-year increase of 100%. The company announced that Leapmotor is the first new energy vehicle brand to complete its annual sales target ahead of schedule and will challenge the annual sales target of 0.5 million units in 2025.

Previously, the China Automobile Dealers Association estimated that the car market in November will continue the relatively high prosperity seen since October, with the effects of scrappage and replacement policies being continuously released, providing stability and driving the car market; each car company is also beginning to leverage "singles' day sales" promotions and the mid-month Guangzhou Auto Show to enhance consumer attention, with multiple favorable factors supporting the expectation that market activity in November will further increase.

Data from the National Bureau of Statistics shows that the total retail sales of consumer goods have increased both year-on-year and month-on-month, with the effects of replacing old products with new ones becoming more evident. As the effects of replacement subsidies are further released, structural changes are occurring in the passenger vehicle market, evolving from a dominance of low-end economic models driven by scrappage and replacement to simultaneous growth in mid to high-end models, with retail sales of automotive consumer goods gradually increasing and growth rates further expanding. Many regions are also expanding the scope of replacement subsidies and adding funds; it is expected that the effects of policies will continue to release before the end of the year, significantly stimulating growth in the automotive market.

In the overseas market, the EU is tightening carbon emission assessments, with current targets set at: 93.6 g/km for 2025-2029 and 49.5 g/km for 2030-2034, achieving zero emissions from 2035 onwards. The year 2025 will see a crucial assessment point; if these targets are not met, car companies will face fines of several thousand yuan per vehicle, putting substantial pressure on compliance. Under the condition of meeting the EU's carbon reduction goals, electric vehicle sales in Europe are projected to reach 3.789 million units in 2025 and 8.828 million units in 2030, with 2025 expected to experience over 28% year-on-year growth. China's power battery industry chain is globally leading and is likely to benefit from the incremental demand in the European market.

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BYD Co., Ltd. (01211): With the support of the DM5.0 and e4.0 platforms, the Dynasty and Ocean series main models are undergoing a facelift and upgrade, enhancing product competitiveness and sales. The high-end brand models from Tengshi, Yangwang, and Fangchengbao have a rich reserve, accelerating the layout in the high-end market. Additionally, expanding overseas is a long-term strategy for the company, as net profit per vehicle overseas is far higher than in the domestic market, which is crucial for the company’s profitability. The company is in the development stage overseas, with export sales increasing month by month. New energy vehicle products have entered 77 countries and regions, including Brazil, Germany, Japan, and Thailand. BYD is actively promoting the construction of overseas production capacity, with factories in Uzbekistan and Thailand already in operation, and the construction of factories in Brazil and Hungary is steadily advancing. The company also plans to invest in capacity construction in Indonesia, Turkey, and other regions.

Great Wall Motor (02333): In addition to the price war in the domestic passenger vehicle market, Great Wall has relied on increasing exports and sales of tank brands to continuously improve profitability. In August, the Blue Mountain Intelligent Driving Edition was launched, featuring CoffeeOS3+ full-scenario NOA without images, which is expected to drive Wey brand sales rebound. In the second half of the year, new models such as Tank 700Hi4-T, new H6, and new H9 are expected to further optimize the product portfolio. In terms of exports, Great Wall has completed capacity deployment in Russia, Thailand, and Brazil, with continuous expansion of global KD factories. The overseas market covers over 170 countries and regions, with 1300+ sales channels, supporting the goal of achieving annual overseas sales of millions of vehicles by 2030.

Xiaopeng Motors (09868): Data shows that Xiaopeng Motors delivered a total of 30,895 new vehicles in November, with the monthly delivery volume breaking through 30,000 units for the first time, marking a year-on-year increase of 54% and a month-on-month growth of 29%. The monthly delivery volume exceeded 30,000 units for the first time and has set a historical new high for monthly deliveries for three consecutive months.