The Market Heat Continues. Automobile Sales Increased Significantly in November(December 23, 2024)

According to the latest data released by the China Association of Automobile Manufacturers, in November, China's automobile production and sales were 3.437 million and 3.316 million respectively, an increase of 14.7% and 8.6% month-on-month, and a year-on-year increase of 11.1% and 11.7% respectively, with monthly production and sales hitting a record high. From January to November, China's automobile production and sales were 27.903 million and 27.94 million respectively, a year-on-year increase of 2.9% and 3.7% respectively, and the growth rate of automobile production increased by 1.1 percentage points compared that of January to October, and the sales growth rate expanded by 1 percentage point. In November, the auto market continued to be hot, the effect of the trade-in policy continued to appear, and the demand for car purchases was further released. The following information was their category-based production and sales volume:

1. The monthly production and sales of passenger cars exceeded 3 million units for the first time

2. The growth rate of commercial vehicles was limited and slightly weak

3. Both the production and sales of new energy vehicles exceeded 1.5 million units

In summary:

In November, the automobile market continued to be hot, the effect of the trade-in policy was obvious, and the demand for car purchases was further released. In the month, the production and sales of automobiles continued to achieve double growth month-on-month and year-on-year, and the monthly production and sales hit a record high. The performance of the passenger car market continued to strengthen; the commercial vehicle market, relatively weak; and the new energy vehicles, grow rapidly, playing a strong supporting role. With the continuous emergence of the cumulative effect of policies, the continuous promotion of local and corporate promotions, coupled with the final sprint in the last month, it was expected that the automobile market would continue to improve in December, and the production and sales of automobiles would continue to maintain a scale of more than 30 million units throughout the year.