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Chinese EV sales increased in September, highlighting a thriving sector that has remained stable despite the country's recent economic troubles.
Leading Chinese EV manufacturers, including XPeng (XPEV), Nio (NIO), and Li Auto (LI), claimed record EV sales last month. XPeng said that it shipped 15,310 Smart EVs last month, up 12% from August and 81% year on year.
Nio supplied 15,641 EVs, a nearly 44% increase over the previous year.
Li Auto's sales, at just over 36,000, more than tripled from last year, while deliveries nearly quadrupled in the third quarter.
While Tesla (TSLA), a prominent brand in the Chinese EV market, reported a decline in third-quarter deliveries due to plant shutdowns, including one in China.
Last month, plug-in electric cars accounted for about 40% of Chinese auto sales, while completely electric vehicles accounted for slightly more than a quarter. China accounted for a startling 60% of worldwide plug-in EV registrations last month, indicating the market's sustained growth.
The findings highlight a thriving Chinese EV business that has flourished despite the country's mounting economic hardships. State subsidies and buyer incentives, which formerly provided up to 60,000 yuan ($8,700) to everyone purchasing an EV, have fueled the industry's expansion.
More than a fifth of Chinese automobile sales are totally electric, placing the country in the top five in the world in terms of EV adoption. EVs account for a larger fraction of all cars sold in only four countries: Norway, Iceland, Sweden, and the Netherlands. In comparison, the United States has only a 6% stake.
China also leads the lithium-ion battery supply chain and benefits from its huge production capability for EV components. According to BloombergNEF's 2022 supply chain rankings, China accounts for a third of global battery cell manufacturing capacity and 90% of battery anode and electrolyte output.
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