(Yicai) Dec. 11 — China’s passenger car wholesale volume is expected to exceed 25 million units this year, setting a new record high, according to an industry group.
China’s automakers sold 2.5 million passenger cars to retailers last month, up 2.5% from a year earlier, thanks to a surge in sales and exports of new energy vehicles, China Passenger Vehicle Association data showed on Dec. 8. It increased by more than %.
The three domestic automakers with the highest wholesale volume of passenger cars in November were China’s BYD, Chery Automobile, and Zhejiang Geely Holding Group, with sales of 301,000, 203,000, and 200,000, respectively.
Although car sales are not expected to increase significantly this month, this year’s car market is expected to exceed expectations, with sales of passenger cars and commercial vehicles expected to exceed the 30 million-unit threshold, CPCA predicted. .
According to CPCA data, the wholesale number of NEVs in China in November rose 32% year-on-year to 962,000 units, with a penetration rate of almost 38%, an increase of 1.7 percentage points year-on-year. This year, sales are expected to reach 7.8 million units, an increase of 35% from the previous year.
China exported 524,000 cars last month, up 42% from the same month last year, according to data from customs authorities. According to CPCA data, passenger car exports in the same period increased by 50% to 378,000 units, while NEV exports increased by 8% to 89,000 units, accounting for 17% of the total.
According to customs data, car exports in the first 11 months of this year rose 60% year-on-year to 4.8 million.
CPCA Secretary-General Choi Dong-soo said 2024 will be a great year for car sales, with sales of fuel-powered vehicles and electric vehicles likely to increase from this year. Wholesale sales of NEVs next year are expected to increase by 22% from this year to 11 million units, while retail sales of passenger cars will likely increase by 3% over the same period to 22.2 million units, Choi predicted. .
The number of NEV retail sales in November was 841,000 units, an increase of 40% compared to the same month last year, and the penetration rate reached 40.4%, exceeding the 40% standard for the first time. More than 62% of new energy vehicles sold last month were from Chinese brands, while only 6.6% were from major joint ventures. Nearly one-third of NEVs sold in November were luxury cars.
Editor: Futura Costaglione