Chinese Automakers Surge Ahead of Delivery Targets

Chinese automakers are finishing the year with impressive results, smashing their annual delivery goals ahead of schedule. BYD, the country's electric vehicle leader, delivered 504,003 passenger cars in November, pushing its year-to-date total to 3.74 million. This beats its 2023 target of 3.6 million and highlights a 0.7% month-on-month growth from October’s 500,526 deliveries.

Leapmotor, which is backed by Stellantis, delivered 40,169 vehicles in November, up 5.22% from October and an eyecatching 117% year-on-year increase. With 251,207 cars delivered year-to-date, it beat its 250,000 target by a small margin. 

At the same time, the phone maker Xiaomi’s foray into the auto industry has seen it crush its initial 100,000-delivery target mid-November. The SU7 model’s success has prompted the company to revise its goal to 130,000 by year-end, fueled by back-to-back monthly deliveries of more than 20,000 units.

What Does This Mean for Me?

Zeekr and Xpeng also posted record-breaking numbers. Zeekr's November deliveries hit 27,011 units, a 7.83% increase from October, with a 106% year-on-year growth. However, at 194,933 deliveries for the year, it remains short of its 230,000 target. Xpeng, on the back of its affordable Mona model, delivered 30,895 cars in November, up 29% from October.

As Chinese automakers thrive, Tesla has heightened the competition with a 10,000-yuan discount on its Model Y, now priced at 239,900 yuan, stoking competition in an already fierce market.