China's overall passenger car market is booming
Not too long ago, China's overall passenger car market was negative to flat growth even as NEV sales were soaring.
Today, because NEVs already account for more than half of all new car sales, China's overall passenger car market is booming.
Total passenger car sales +11.3% YoY to 2.261m or 27 million annualized! That's 50% bigger than the US car market at its peak several years ago.
NEV sales in October jumped 56.7% YoY to 1.2 million units.🔥🔥🔥
As for Tesla $Tesla Motors(TSLA)$ it witnessed just a 5.3% YoY growth to 68,280 units. Market share getting smaller by the month. Ouch!
$BYD Co., Ltd.(BYDDF)$ $Geely Automobile Holdings Ltd.(GELYF)$ $ZEEKR(ZK)$ $Li Auto(LI)$ $NIO Inc.(NIO)$ $XPeng Inc.(XPEV)$
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