Lei Kang

CATL's share of the Chinese EV battery market increased by 3.4 percentage points in October compared to September, while BYD's share decreased by 0.77 percentage points.

On October 20, a local media outlet reported that orders for the Yangwang U8, which was officially launched on September 20, exceeded 30,000 units.

Excluding exports, China's NEV sales in October were a record 832,000 units, up 2.9 percent from September.

The Luxeed S7, the first sedan jointly created by Huawei and a carmaker, will be officially launched on November 28.

The ES6 remains the best-selling Nio model, but deliveries were down from September, while deliveries of the EC6 coupe SUV were up significantly.

BYD is aiming to sell at least 3 million NEVs in 2023, with nearly 2.4 million sold this year through the end of October.

China's NEV penetration rate at retail was 37.8 percent in October, up from 36.9 percent in September.

China's lithium battery industry's overcapacity will continue into 2024, and battery prices will still decline next year, TrendForce said.

CATL and BYD's shares in January-September both declined slightly from January-August.

China's passenger NEV penetration at retail stood at 37.7 percent in October, up from 36.9 percent in September.