China's Passenger Car Sales Increased by 8% in November- PingWest

China's Passenger Car Sales Increased by 8% in November- PingWest

China's Passenger Car Sales Increased by 8% in November

December 10, 2020 3:23 am

Beijing (PingWest)—The sales volume of China's passenger cars in November reached 2.08 million, up 8% year-on-year, yicai.com reported citing data from the China Passenger Car Association on Tuesday.

"The sales showed a low-to-high trend this year," said Cui Dongshu, secretary-general of the CPCA, noting retail sales were mainly impacted by the coronavirus pandemic and an early Spring Festival. But the market had maintained robust growth since July.

The CPCA posited that better-than-expected warmth in the export market and the macroeconomic situation were the primary causes, and doubled sales of new energy vehicles was another powerhouse to boost the market.

In November, sales of new energy vehicles reached 169,000, an increase of 136.5% year-on-year.

In terms of brands, the sales of luxury car brands increased by 27% year-on-year, joint venture brands increased by 3%, domestic brands increased by 9%, accounting for 39.1% of the market share, an increase of 0.4% over the same period last year.

"The growth in sales share for domestic brands was mainly thanks to new energy vehicles. The sales share for traditional cars made by domestic brands was flat compared to that of last year," Cui said.

Sales of electric, plug-in hybrid and hydrogen-powered vehicles in China, the world’s biggest auto market, are forecast to rise to 20% of overall new car sales by 2025 from just 5% now, the State Council said in a policy paper as part of the release of the country’s 14th five-year plan through to 2025.

The paper also said the Chinese government will improve the green car quota system to guide automakers to make more environmentally friendly vehicles after it ends NEV subsidies in two years and boost NEV sales for public uses such as bus and trucks.

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