In November 2024, the retail sales of passenger vehicles in China reached an impressive 2.423 million units, showing a 16.5% increase year-on-year and a 7.1% rise month-on-month, according to data from the China Passenger Car Association.
The past month saw China’s retail sales of conventional oil-fueled passenger vehicles at 1.155 million units, a 7% decrease from the previous year but an 8% increase compared to October. The penetration rate of new energy passenger vehicles (NEPVs) in the domestic market also climbed to 52.3% in November.
Cumulatively, China’s passenger vehicle retail sales reached 20.257 million units in the Jan.-Nov. period of 2024, reflecting a 4.7% growth over the previous year. The term “passenger vehicles” refers to cars, MPVs, and SUVs locally produced on the Chinese Mainland.
The high market activity that began in October continued in November, supported by vehicle scrapping and replacement policies. These measures, along with sales promotions during events like the “Double 11” and Auto Guangzhou 2024, further stimulated consumer interest.
China’s Ministry of Commerce reported that over 4 million subsidy applications had been submitted as of November 18, with replacement subsidies proving more effective in boosting sales compared to scrapping policies. NEPV purchases benefited from policy advantages, with subsidies for NEPVs higher than those for oil-fueled vehicles, leading to robust growth in the BEV and PHEV markets.
Chinese wholly-owned passenger vehicle brands achieved retail sales of 1.54 million units in November, a 34% increase year-on-year and a 4% rise from October. These indigenous brands captured a retail market share of 64.1% last month, up 8.7 percentage points year-on-year.
In the first eleven months of 2024, Chinese indigenous brands secured a cumulative retail market share of 60%, an 8.5 percentage points increase from the same period in the previous year.
In November, China’s passenger car wholesale volume hit a record high of 2.94 million units sold, showing a 15.3% growth year-over-year and a 7.6% rise month-over-month. Cumulative wholesale sales for the first eleven months of 2024 reached 24.115 million units, up 5.6% from the same period last year.
Joint ventures in China recorded wholesale sales of 650,000 units in November, a 12% decline compared to the same period in 2023 but a 13% rise from October. Luxury vehicles contributed 280,000 units, a 3% decrease year-over-year but a 14% increase month-over-month.
China’s self-owned brands saw 2 million vehicles moved via wholesale in November, a 31% increase from a year ago and a 5% rise from the previous month.
The wholesale performance of major passenger car manufacturers in November was mixed, with companies like BYD, Chery, Geely, and Changan showing strong overall performance. Eight manufacturers exceeded monthly sales of 100,000 units, collectively accounting for 60% of the market.
China’s passenger vehicle exports in November totaled 396,000 units, a 5% increase year-on-year but a 10% drop month-on-month. Year-to-date exports reached 4.387 million units, a robust 27% leap over the previous year, with NEPVs constituting 20.2% of China’s passenger car exports in November.
