China’s automotive sector outperformed market expectations in November, reporting double-digit year-on-year growth in both vehicle production and sales, laying the foundations for record annual numbers, according to the latest data.
Automobile sales in November reached 2.97 million units, an increase of 27.4% year-on-year and 4.1% month-on-month, the China Automobile Manufacturers Association said in a report on Monday.
Meanwhile, the data showed that car production in the same month reached 3.09 million units, an increase of 29.4% year-on-year and 7% month-on-month.
November statistics exceeded market expectations
“China’s automobile market remained strong in November,” said Chen Shihua, deputy secretary general of the association.
The association said in a report that the automobile market performed better than expected in November, with monthly car production reaching a record high and sales reaching almost 3 million vehicles.
According to the data, in the first 11 months of this year, automobile production and sales reached 27.11 million units and 26.94 million units, an increase of 10% and 10.8% over the previous year.
According to the data, the country’s car exports reached 482,000 units in November, an increase of 46.3% year-on-year, despite a decline of 1.1% from the previous month. The number of exported cars from January to November was 4.41 million units, an increase of 58.4% compared to the same period last year.
In its report, the association said, “China’s economy generally maintains a favorable trend, with consumption growth in key sectors being noticeable. Market demand for automobiles and related industries is rapidly releasing, and the economic “My feelings continue to improve.”
The report said the concerted force of various policies has increased positive factors and will boost the economy while ensuring the quality of growth.
Chen said that with the continued impact of policies and the continuation of auto shows and promotional activities in various regions, the growth momentum of the auto sector in December will further expand, and this year’s auto production and sales will reach a record high. It is expected that this will be reached.
Booming new energy vehicle market
The data released on Monday also revealed that production and sales of new energy vehicles from January to November reached 8.43 million units and 8.3 million units, respectively, an increase of 34.5% and 36.7% year-on-year. did.
According to the data, in November alone, the production volume of new energy vehicles reached 1.07 million units, and the sales volume reached 1.03 million units, an increase of 39.2% and 30% over the previous year. The association said in its report that this is the first time that both monthly production and sales of new energy vehicles have exceeded 1 million units.
In terms of exports, in the first 11 months of 2023, the country exported 1.09 million new energy vehicles, an increase of 83.5% year-on-year.
According to the data, exports of new energy vehicles in November reached 97,000 units, an increase of 1.6% year-on-year, and the export volume decreased by 21.8% month-on-month.
The association also revealed the industrial value-added output of the automobile manufacturing sector in October in a report on Monday, citing data from the National Statistics Office.
The sector’s industrial value-added output rose 10.8% year-on-year in the month, outpacing the broader manufacturing sector’s growth by 5.7 percentage points in the same month.
According to the data, in the first 10 months of this year, the sector’s total business revenue increased by 10.3% year-on-year to 8.5 trillion yuan (approximately 1.13 trillion USD), and profit rose 0.5% to 394.64 billion yuan. Ta.