China’s Passenger Car Retail Sales Expected to Reach 2.4 Million Units in November 2024: CPCA
Beijing (Gasgoo)- Preliminary data from the China Passenger Car Association (CPCA) suggests that the retail sales of passenger vehicles in China will reach approximately 2.4 million units in November 2024, representing a 15.4% year-on-year increase and a 6.1% month-on-month rise.
According to the CPCA, retail sales of new energy vehicles (NEVs) are projected to hit 1.28 million units this month, achieving a penetration rate of 53.3%. This includes cars, MPVs, and SUVs produced on the Chinese Mainland.
The Chinese auto market saw significant growth in October, driven by the National Day holiday and supportive policies for vehicle scrapping and trade-ins. Data shows that passenger vehicle retail sales in October reached 2.261 million units, up 11.3% year over year and 7.3% month over month. While sales of traditional vehicles declined, NEV sales surged, accounting for over half of the market.
In November, the market continues to benefit from favorable policies and seasonal demand, with automakers utilizing marketing campaigns like “Double 11” promotions and the Auto Guangzhou 2024 to attract consumers. Discounts and promotional offers remain stable, with top automakers aiming for a 6.5% month-on-month increase in sales.
