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China Automobile Association: China's Auto Sales in the First 10 Months Increased by 2.7% YoY
Published: 11.18.2024
The latest data released by the China Association of Automobile Manufacturers shows the positive performance of the Chinese automobile market in October 2024, especially in the field of new energy vehicles.
China's total automobile production and sales reached 2.996 million and 3.053 million respectively, up 7.2% and 8.7% MoM, and up 3.6% and 7% YoY. In the first 10 months, the total automobile production and sales were 24.466 million and 24.624 million respectively, up 1.9% and 2.7% YoY, showing a steady growth in the market.
The passenger car market also performed well in October, with production and sales of 2.706 million and 2.755 million respectively, up 8.2% and 9.1% MoM, and up 7.7% and 10.7% YoY. The commercial vehicle market was relatively weak, with production and sales of 290,000 and 298,000 respectively in October, with production down 1.5% MoM and sales up 5% MoM, down 23.3% and 18.3% YoY respectively.
The performance of the new energy vehicle market is particularly impressive. In October, the production and sales volume reached 1.463 million and 1.43 million respectively, up 48% and 49.6% YoY, accounting for 46.8% of the total sales volume of new cars. From January to October this year, the production and sales volume of new energy vehicles reached 9.779 million and 9.75 million respectively, up 33% and 33.9% YoY, accounting for 39.6% of the total sales volume of new cars, nearly 40%.
In terms of exports, the export volume of automobiles in October was 542,000, up 0.5% MoM and 11.1% YoY. From January to October, the total export volume of automobiles reached 4.855 million, up 23.8% YoY, showing the competitiveness of Chinese automobiles in the international market.
The sales volume of Chinese brand passenger cars in October was 1.931 million, up 30% YoY, and the market share reached 70.1%. From January to October, the sales volume of Chinese brand passenger cars was 13.849 million, a YoY increase of 21.2%, with a market share of 64.6%, which continued to maintain an upward trend.
Chen Shihua, deputy secretary-general of the China Association of Automobile Manufacturers, affirmed the data in October and emphasized the positive impact of automobile consumption promotion policies on market growth. He suggested that in order to maintain the healthy development of the market, this year's consumption policy should continue to be implemented and announced as soon as possible to avoid the end-of-year rush to buy and affect the market consumption rhythm next year. At the same time, he pointed out that the sales volume of new energy vehicles is about to break through the 10 million mark, and the domestic sales share has exceeded 50% for three consecutive months, and new energy passenger cars have exceeded 50% for five consecutive months, which shows that the new energy vehicle market is growing rapidly and the market demand for new energy vehicles is increasingly strong.
Overall, the performance of the Chinese automobile market in October is encouraging, especially in the field of new energy vehicles, and its strong growth momentum indicates the future development direction of China's automobile industry.
