China’s retail sales of all passenger vehicles in the first ten days of November reached 567,000 units, marking a 29 percent increase from the same period last year. However, there was a slight 3 percent decrease compared to the previous month, according to the latest data from the China Passenger Car Association (CPCA).
The surge in new energy vehicle (NEV) sales in early November contributed to the overall growth, as the ongoing auto consumption stimulus continued to drive demand in the market. Retail sales of passenger NEVs in China totaled 310,000 units during this period, reflecting a substantial 70 percent year-on-year increase and a 10 percent month-on-month increase.
Cumulatively, retail sales of passenger NEVs in China for the year so far have reached 8.64 million units, showing a significant 41 percent growth compared to the same period last year. Wholesale sales of China’s passenger NEVs from November 1-10 also witnessed a remarkable increase, with 350,000 units sold, marking a 78 percent surge from the same period last year and a 36 percent rise from the previous month.
The year-to-date cumulative wholesale sales of China’s passenger NEVs stood at 9.63 million units, demonstrating a robust 38 percent growth from the previous year. Overall, China’s retail sales of all passenger vehicles during the same period reached 567,000 units, indicating a 29 percent year-on-year increase but a 3 percent decline from the previous month.
The data also revealed that China’s NEV penetration at retail reached 54.67 percent in the first ten days of November and 46.94 percent year-to-date. The average daily retail sales of passenger cars in China for this period was 56,700 units. Wholesale sales of all passenger cars in China from November 1-10 totaled 667,000 units, showing a 41 percent year-on-year increase and a significant 45 percent rise from the previous month.
Encouraged by the country’s trade-in policy and subsidies from local governments, the auto consumption sector has experienced robust growth recently, with a notable increase in the sales of entry-level models. This shift has led to a decrease in the average sales price of passenger cars, dropping from RMB 186,000 per unit in the first half of 2024 to RMB 168,000 per unit in October, according to the CPCA.
The continuous growth in NEV sales and overall passenger vehicle sales reflects the positive impact of government incentives and consumer demand in the market. As the industry continues to evolve, stakeholders are optimistic about the future prospects of China’s automotive sector.
