Ahead of schedule, Chinese automakers BYD, Leapmotor, and Xiaomi surpass their annual delivery targets.

• As the year draws to a close, automakers such as BYD, Leapmotor, and Xiaomi have exceeded their annual delivery targets by a month.
• Zeekr, Xpeng and BYD had record monthly deliveries in November.
• Through Dec. 31, Tesla has reduced the price of Model Y in China by 10,000 yuan, bringing it down to 239,900 yuan amid the country's price war.

Chinese automakers , , and have surpassed their annual delivery targets a month early, indicating their rapid expansion and robust market demand as the year draws to a close.

In November, BYD sold 504,003 passenger vehicles, an increase from the previous month's 500,526. Its total deliveries for passenger cars now exceed its initial full-year target of 3.6 million, with a cumulative total of 3,740,930.

In November, Leapmotor recorded 40,169 deliveries, a 5.22% increase from the previous month and a 117% year-over-year increase. The company has already delivered 251,207 cars year-to-date, surpassing its 250,000 annual delivery target.

Xiaomi surpassed its annual target of 100,000 deliveries midway through November, just like it achieved this feat. The company launched its first car, the SU7, in March this year.

In November, Xiaomi delivered more than 20,000 cars, surpassing its target of 130,000 deliveries by the end of the year.

The Chinese electric car manufacturer reported on Sunday that it sold 27,011 cars in November, surpassing the previous month's record by 7.83% and achieving a 106% increase in sales year over year.

This month's deliveries have brought the company's full-year deliveries to 194,933, which is just 3,067 short of its target of 230,000 vehicles.

On Oct. 23, the automaker backed by Geely started delivering its new five-seater SUV, Zeekr Mix.

In November, the company achieved an all-time best with 30,895 deliveries, up 29% from the previous month.

Xpeng's mass-market car, Mona M03, surpassed 10,000 deliveries for the third month in a row. The company launched Mona M03 in late August with a starting price of $16,812, while Tesla's cheapest car, the Model 3, costs 231,900 yuan ($31,897).

In addition to the P7+, Xpeng's November deliveries included over 7,000 units of the vehicle, which was launched on November 7 and received 31,528 orders by midnight that day.

In November, the premium brand delivered 20,575 cars, a 28.9% increase from the previous year. The deliveries included 5,082 vehicles from its newly launched lower-priced brand, Onvo.

In order to meet the minimum target of 72,000 cars in the fourth quarter, Nio must deliver at least 30,449 cars in December.

William Li, CEO of Nio, announced that the company will launch its Firefly brand on Dec. 21. Qin Lihong, co-founder and president of Nio, confirmed to local media last month that the car would be purely electric, contradicting local media reports of a potential hybrid model.

Nio's estimated full-year delivery target for 2024, based on quarterly guidance, is between 218,000 and 227,000 deliveries. As per CNBC's calculations, Nio has delivered a total of 190,832 cars year-to-date.

In the earnings call, the company announced plans to increase electric car deliveries by doubling the number of Onvo cars per month to 20,000 by March 2025.

In November, the company delivered 48,740 cars, a 5.25% decrease from October's deliveries. As of the end of November, the company had delivered 441,995 cars out of its annual goal of 480,000 cars.

In June, the company reduced its target of delivering 800,000 cars for the year.

Aito, a Huawei-backed company, did not reveal its November sales but announced on November 27 that it had delivered over 180,000 units of the M7.

In response to the escalating price competition in China, the American automaker reduced the price of its Model Y by 10,000 yuan, bringing the retail price down to 239,900 yuan.