China’s Auto Market Continues Growth Streak in November 2024
In November 2024, China’s automotive market continued to thrive, fueled by the successful implementation of vehicle trade-in policies that boosted car purchasing demand across the country.
According to data from the China Association of Automobile Manufacturers (CAAM), both auto production and sales in China saw month-on-month and year-on-year growth, reaching historic highs. The passenger vehicle market remained strong, while the commercial vehicle segment showed slightly weaker performance. New energy vehicles (NEVs) continued their rapid expansion, contributing significantly to the overall market growth.
With supportive policies, increased promotional activities, and year-end sales promotions, the automotive market is poised to maintain its positive momentum into December. Forecasts suggest that China’s annual vehicle production and sales will surpass the 30-million-unit mark.
The recent meeting of the Political Bureau of the Central Committee of the Communist Party of China focused on economic strategies for 2025, indicating continued policy support for the automotive industry in the coming year. The extension of current automotive consumption policies and their early implementation will further drive market development.
In November 2024, China produced 3.437 million vehicles, marking a 14.7% increase from the previous month and an 11.1% increase from the previous year. Auto sales in the same period reached 3.316 million vehicles, up 8.6% month-on-month and 11.7% year-on-year, setting new records for both production and sales.
Of particular note is the milestone achievement of over 3 million units in both monthly output and sales of passenger vehicles for the first time.
In November, NEV production and sales in China reached new heights. NEV production totaled 1.566 million units, up 45.8% year-on-year, while NEV sales stood at 1.512 million units, a 47.4% increase from the previous year. NEVs accounted for 45.6% of total vehicle sales in the month.
Domestic NEV sales in November reached 1.429 million units, up 9.7% month-on-month and 53.8% year-on-year. Additionally, NEV exports totaled 83,000 units, showing a slight decline compared to previous periods.
During the first eleven months of the year, China produced and sold a total of 11.345 million and 11.262 million NEVs, respectively, representing significant year-over-year growth. NEVs accounted for 40.3% of the country’s auto sales for the year.
Regarding exports, Chinese automakers shipped 490,000 vehicles in November, with passenger cars making up a significant portion of the total volume. In the first eleven months of the year, total vehicle exports showed a notable increase compared to the previous year.
Among the top exporters, Chery led the pack with impressive growth, while Yueda Kia, a joint venture with Kia, saw a significant increase in overseas exports.
