(JW Insights) Nov 7 -- Chinese and international new energy vehicle makers are breaking their sales records as the sector gains momentum in the world's largest vehicle market, China Daily reported on November 6.

Cui Dongshu, secretary-general of the China Passenger Car Association, said retail sales of NEVs could reach 750,000 units in October, which would mark a rise of 34.6 percent year-on-year. The CPCA usually releases tallied statistics in the middle of every month.

Warren Buffet-backed BYD said that it delivered 301,800 vehicles in October, up 38.4 percent from the same month last year. The performance helped it make history, becoming the first Chinese brand ever to sell more than 300,000 vehicles in a month.

Its cumulative deliveries in the first 10 months totaled 2.38 million units, up more than 70 percent year-on-year.

If the momentum grows, its sales for the whole of 2023 are expected to reach 3 million units.

BYD is already the most profitable carmaker in China, generating a net profit of RMB10.4 billion ($1.42 billion) in the third quarter, according to its filings to the Shenzhen Stock Exchange.

Li Auto, which produces range-extended EVs, consolidated its lead over other startups in October.

It sold 40,422 units last month, soaring over 300 percent from the same month last year. The startup said it will achieve this year's sales goal of 300,000 units ahead of schedule. By the end of October, it had delivered over 280,000 units.

Li Xiang, founder and CEO of Li Auto, said the next goal for the company is to grow its monthly sales to 50,000 units, although it has only three models available in the market.

AITO, backed by China's technology giant Huawei, saw its sales rebound to 12,700 units after it launched its new M7 SUV in September. The brand's monthly sales were at around 3,000 units in the first quarter.

Volkswagen's EVs have gained a stronger foothold as well. SAIC Volkswagen, one of the German carmaker's joint ventures in China, sold 16,000 NEVs in October, up 136 percent year-on-year.

Major Chinese carmakers are also seeing a rise in NEV sales as they speed up the shift toward electrification, said the China Daily report.

(Yuan XY/Gao J)