In September, sales of 4,584 new energy buses in China increased by more than 50% month-on-month

The Zhitong Finance App learned that in September 2024, China sold a total of 4,584 large and medium-sized new energy buses above 7 meters, with a year-on-month increase of 52.29% (3010 vehicles) and a year-on-year increase of 31.93%; in January-September, cumulative sales of 23,695 vehicles were sold, up 4.44% year over year (22,688 vehicles), up nearly 5 percentage points from the cumulative increase in January-August (down 0.44%), and the cumulative increase changed from negative to positive. In September, China's NEV market developed strongly.

September: Remote/CRRC entered the top three, Ou Hui/Jinlong/Zhongtong promoted to seven companies with a “double increase” in sales

As can be seen from the table above, in the sales ranking of new energy buses above 7 meters, in September of this year, Yutong Bus (600066.SH) sold 1102 units, winning the top sales in the NEV market, and became the only brand with sales exceeding 1,000 in a single month; the long-range commercial vehicle jumped to second place, with sales volume of 615 units, and once again entered the top ten sales after July; CRRC Electric, which ranked third, with sales volume of 599 units, up two places from last month's ranking. Among the remaining companies, Futian (600166.SH), Ou Hui, Xiamen Jinlong, and Zhongtong Bus (000957.SZ) are each ranked one place higher than last month.

In terms of sales performance of new energy buses over 7 meters, in September of this year, 7 of the top ten companies achieved a “double increase” from month to month, namely Yutong Bus, Long-range Commercial Vehicle, CRRC Electric, Shanghai Sunwin, Foton Ouhui, Xiamen Jinlong, and Zhongtong Bus. Among them, CRRC's electric sales increased 470.48% year on year, leading the industry; Foton Ouhui and Xiamen Jinlong also doubled their sales; and Yutong Bus sales also increased nearly 80% year over year. Meanwhile, companies such as Remote Commercial Vehicle, CRRC, Foton Ouhui, Xiamen Jinlong, and Zhongtong Bus achieved a month-on-month increase in sales volume. Among them, the month-on-month increase was nearly 7 times higher, or it was closely related to the trade-in policy introduced by the country, which led to a marked increase in sales.

From January to September of this year, Yutong Bus, BYD, Zhongtong Bus, and Suzhou Jinlong Haige all achieved double-digit sales growth. Among them, Yutong, which ranked first, had cumulative sales exceeding 5,000 vehicles, with a cumulative year-on-year increase of 47.26%; Suzhou Jinlong Haige had the highest cumulative sales increase of 59.02%.

In terms of market share performance, in September of this year, the top three NEV sales companies all reached double-digit percentages, with a total share of more than 50%, reaching 50.52%; while the total market share of the top five companies was close to 70%, which meant that the market concentration for new energy buses above 7 meters was relatively high; the total market share of the top ten companies reached 95.96%, indicating that more than 90% of the market share was contributed by the top ten companies. The intensity of market competition can be seen.

In September of this year, China's three major segments for new energy buses above 7 meters all achieved a “double increase” in sales volume month-on-month and year-on-year, and the performance was very impressive.

As can be seen from the table above, in September of this year, China sold 3,752 new energy buses above 7 meters, up 68.03% month-on-month (2,233 vehicles), with a market share of up to 81.85%, an increase of nearly 8 percentage points over the previous month. The cumulative sales decline continued to narrow in January-September; sales of 822 new energy seat buses increased by more than 50% year-on-year. The cumulative sales increase from January to September reached 138.33%, a slight increase from January to August (155.58%); sales of other types of buses increased cumulatively from January to September. The increase was also over 50%, and the increase was the same A slight decrease from January-August (51.25%).

Specifically, in the new energy bus market above 7 meters, Yutong won the top sales in this segment in September, and achieved a month-on-month “double increase” in sales with 6 companies, CRRC Electric, Shanghai Shenwo, Foton Ouhui, Xiamen Jinlong, and Xiamen Golden Travel. Among them, Foton Ouhui performed brilliantly after returning to the top ten, while CRRC Electric had the highest year-on-year increase of 470.48%; furthermore, sales fell by only 3 companies in September, down half from 6 companies in August.

In terms of cumulative sales performance from January to September of this year, Yutong Bus, BYD (002594.SZ), Suzhou Jinlong Haige and Zhongtong Bus all achieved positive sales growth. Among them, with the exception of Yutong's cumulative sales growth rate changing from negative to positive, BYD and Hagrid's cumulative sales growth have all slowed.

In the new energy seat bus market of 7 meters or more, in September, Zhongtong Bus entered the top three from fourth last month, and Skyworth also broke into the top five. Foton Ouhui's ranking remained unchanged. At the same time, Yutong Bus, Zhongtong Bus, Xiamen Jinlong, and Skyworth Auto all achieved a “double increase” in sales volume from month to month; among them, Yutong Bus's market share reached 50%, occupying an absolute market advantage; Hagrid had the highest year-on-year increase of 162.07%.

In terms of cumulative sales performance from January to September this year, 8 companies achieved growth. Of the 5 companies that doubled, 4 increased by more than 2 times. Xiamen Jinlong had the highest increase, close to 3 times.

Furthermore, in other types of bus markets, Yutong bus sales increased sevenfold month-on-month; from January to September, Dongfeng Special Auto and Yutong Bus both achieved cumulative sales growth, with increases of 144.64% and 40.91%, respectively.

Judging from the September sales data, the NEV market really “boomed” during the “Golden Nine” peak season. Driven by “trade-in” and policies to eliminate old vehicles in many places, domestic NEV sales have been growing for two consecutive months, achieving a “recovery” of the market.