Driven by Tesla, China's new energy vehicle market has grown beyond expectations, with the market share of local new car makers even surpassing that of the industry leader from the United States.

In a report released on December 22, Guangfa Securities pointed out that from January to November this year, the share of local new car makers in China's new energy vehicle market reached 14%, surpassing Tesla's 12%.

Among the new car makers, the four local leaders - Nio, Xpeng Motors, Li Auto, and WM Motor - that are taking shape have maintained steady sales growth since the second half of the year.

Nio Auto's monthly sales have climbed above 5,000 units, with cumulative sales of over 36,000 units from January to November; Xpeng has delivered over 20,000 units from January to November; Li ONE has delivered over 30,000 units; and WM Motor's EX5 has sold nearly 20,000 units this year.

Dongwu Securities believes that the sales of China's new carmakers are entering a period of rapid growth, and considering that they are entering a new product cycle, high growth can be expected in the future.

Guangfa Securities also believes that as they continue to improve their brand power and product intelligence, China's new car-making forces will continue to unleash their growth potential in the future.

As a pioneer in the new energy vehicle market, Tesla continues to lead among new energy vehicle companies in China in terms of sales. In November, the electric car maker set a new monthly high for sales in China with 21,600 units sold.

Overall, new energy vehicle sales in China continued to double year-over-year in November as new and traditional car companies launched models intensively from the third quarter of this year.

According to the China Association of Automobile Manufacturers (CAAM), China's new energy vehicle sales in November were 200,000 units, up 104.9 percent year-over-year. the CAAM expects new energy vehicle sales to reach 1.8 million units in 2021, up about 40 percent year-over-year.

"New power car companies with pure electric vehicles are gradually becoming an important force in the new energy market." Cui Dongshu, secretary-general of the China Passenger Car Association (CPCA), recently said that in November this year, sales of China's new car makers (Nio, Li Auto, Xpeng, WM Motor, Hozon Auto, and Leap Motor) already accounted for 11.8% of the new energy market share.

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