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Chinese automakers BYD, Leapmotor, and Xiaomi have exceeded their annual delivery targets ahead of schedule, reflecting strong market demand. BYD delivered over 504,000 vehicles in November, while Leapmotor and Xiaomi surpassed their targets of 250,000 and 100,000 deliveries, respectively. Other brands like Zeekr and Xpeng also reported significant growth, with Zeekr delivering nearly 195,000 cars this year and Xpeng achieving record deliveries of nearly 31,000 in November.
Plugin vehicles in China achieved a record 53% market share in October, with over 1.19 million sales, marking a 57% year-over-year increase. BYD dominated the market, securing eight of the top ten spots, led by the BYD Song, while Tesla's Model Y ranked sixth. The overall market is projected to approach 50% electrification by year-end, with significant growth in both BEVs and PHEVs.
Chinese electric vehicle manufacturers are rapidly outpacing their U.S. counterparts, with BYD leading in plugin vehicle sales and companies like NIO, XPENG, and Xiaomi making significant strides in global markets. Meanwhile, traditional U.S. automakers like Ford and GM are noticeably absent from the competitive landscape, as Tesla's future relies heavily on uncertain AI and robotaxi developments. The gap between Chinese and U.S. EV progress is expected to widen further in the coming years.
Xiaomi has made a significant entry into the electric vehicle market, reporting $1.34 billion in revenue from "smart EV and other new initiatives" in Q3, a 52.3% increase quarter over quarter, with a gross profit margin of 17.1%. The company delivered 39,790 electric vehicles and claims to be the fastest new auto OEM to produce 100,000 vehicles, achieving this milestone in just 230 days. Its SU7 Ultra model boasts impressive specifications, including a 0-100 km/h acceleration in 1.98 seconds, positioning Xiaomi as a formidable player in the EV sector.
US Energy Secretary Jennifer Granholm warned that eliminating the $7,500 EV tax credit, as proposed by Donald Trump, would hinder the US electric vehicle market and cede leadership to China. The move could significantly reduce EV sales, including Tesla's, as consumers may opt for cheaper gas cars instead. This shift threatens the US economy's long-term competitiveness in the global auto industry, where Chinese manufacturers are rapidly gaining ground.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
chinese automakers exceed delivery targets as electric vehicle demand surges
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09:16 02.12.2024
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00:28 16.11.2024
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