In a clear sign of China’s accelerating electric vehicle market, industry leaders BYD and Geely have reported robust October sales figures, highlighting the sector’s continued growth trajectory.

BYD, China’s largest electric vehicle manufacturer, achieved a historic milestone by delivering over half a million electric passenger vehicles in a single month. The company reported sales of 500,526 units in October, marking a substantial 66% increase from the previous year and a 20% jump from September’s figures.

The company’s year-to-date performance remains strong, with total sales reaching 3.23 million units through October, representing a 36% year-over-year increase. Notably, plug-in hybrid vehicles continue to dominate BYD’s sales mix, accounting for 62.1% of total deliveries, while pure electric vehicles made up the remaining 37.9%.

Meanwhile, Geely Auto Group has achieved its own milestone, surpassing 100,000 monthly NEV (New Energy Vehicle) sales for the first time. The company reported 108,722 units sold in October, demonstrating impressive growth with a 19% month-over-month increase and an 83% surge compared to the same period last year.

Geely’s success appears to be driven by its diversified portfolio, with its recently launched Galaxy series leading the charge at 63,492 units. The company’s subsidiary brands also showed strong performance, with Zeekr delivering 25,049 vehicles and Lynk & Co contributing 19,992 units. The newly launched Geome Xingyuan has already surpassed 11,500 deliveries since its September debut.

These results underscore China’s dominant position in the global electric vehicle market, with both established players and newer entrants showing significant growth. With Geely projecting annual sales of around 900,000 units and BYD maintaining its market leadership, the Chinese EV sector appears poised for continued expansion through the remainder of 2024.

The strong October performance of both manufacturers suggests that despite economic headwinds, consumer demand for electric vehicles in China remains robust, potentially setting the stage for further market growth in the coming months.