New carmakers such as Nio, Li Auto, WM Motor, Xpeng Motors, Hozon Auto, Leap Motor continue to maintain strong growth, according to a latest industry report.
China's Tesla Model 3 sold 21,604 units in November, up 78 percent from 12,143 in October, according to data released today by the China Passenger Car Association (CPCA).
SAIC-GM-Wuling continues to top the sales charts for new energy vehicles in China, with 36,070 vehicles sold in November. BYD was second with 26,015 units sold, and Tesla was third.
These three companies together accounted for 46.5 percent of China's total new energy vehicle sales in November, the CPCA report said.
China's wholesale sales of new energy passenger vehicles were 180,000 units in November, up 128.6 percent year-on-year and 24.8 percent from October.
Among them, plug-in hybrid sales were 30,000 units, up 160.0 percent year-over-year. Wholesale sales of pure electric vehicles were 150,000 units, an increase of 122.3% year-over-year.
In November, the strong growth trend of EVs at both high and low ends was evident, with the A00-class selling 48,000 units and increasing its share to 32.0% of pure EVs.
Traditional autonomous car companies continued to strengthen in new energy, and Great Wall Motors and GAC Aion also achieved high growth.
New carmakers such as Nio, Li Auto, WM Motor, Xpeng Motors, Hozon Auto, Leap Motor, etc. continue to maintain strong growth, the CPCA said.
In November, there were 42,000 wholesale hybrid passenger cars, up 13 percent from November of last year.
Along with Beijing's 20,000 additional license plate quota and Shanghai residents' panic rush to buy new energy vehicles, and with companies still pursuing new energy production and sales numbers, the domestic new energy vehicle market is expected to continue to grow at a high rate in the last month of the year, the CPCA said.
First-tier cities, especially Shanghai, are expected to continue to be more willing to purchase new energy vehicles in the future, which may have a demonstration effect on second- and third-tier cities, the CPCA said.
From the fact that Tesla test drives are starting to clear out of direct-run centers in major cities, both the revisions of the Model 3 and Model X, as well as the mass delivery of the Model Y, will inject new energy into the new energy premium car market.
It is worth noting that since the beginning of the year, Tesla's stock price has risen by 667%. Tesla's $600 billion market capitalization is equivalent to 3 Toyotas, 9 GMs, 11 Hondas, and 16 Fords.
Although Tesla's stock price has been hitting record highs, Gene Munster, co-founder of venture capital firm Loup Ventures, said in an interview with CNBC that Tesla's stock price could rise more than 300% to $2,500 per share in the next three years, when its market capitalization will increase to more than $2 trillion.
Currently, only Apple has a market capitalization of more than $2 trillion among U.S.-listed companies, Munster said, adding that Tesla's market capitalization will increase to more than $2 trillion in the next three years.
Munster added that it is too late for traditional car companies to compete with Tesla, and that the gap between Volkswagen and GM and Tesla is very wide.
He also said that in reality there is no substantial competition between Tesla and the traditional car companies, and that Tesla will continue to develop in areas other than automobiles for a long time.
More From CnEVPost
