China's vehicle sales showed positive growth in November as sales promotions, clearance of fossil fuel cars, and the increasing popularity of new-energy vehicles contributed to the upward trend.
Strong Retail Sales of Passenger Cars
According to the China Passenger Car Association, retail sales of passenger cars in the largest automobile market in the world increased by 26% compared to the previous year. In November alone, sales rose by 2.4% to reach a total of 2.08 million vehicles.
The month of November witnessed a remarkable growth in vehicle exports, with a substantial year-on-year increase of 42%. This surge in exports contributes to the overall year-to-date growth of 60%.
Impressive Growth of New-Energy Cars
In November alone, retail sales of new-energy cars, which encompass electric vehicles and plug-in hybrids, grew by an impressive 37.3% compared to the same period last year. This highlights the increasing popularity and demand for eco-friendly vehicles in China.
Tesla's Successful Delivery Performance
In November, Tesla delivered an astounding 82,432 cars manufactured at its Shanghai plant, according to the data available. This achievement further demonstrates the company's strong presence and success in the Chinese market.
Optimistic Outlook for December and Beyond
The China Passenger Car Association anticipates a slight increase in sales for December. Moreover, it foresees that overall vehicle sales for this year will exceed expectations. Sales figures for passenger cars have already surpassed 25 million units, while automobile sales are on track to reach nearly 30 million units.
Positive Market Outlook
The association suggests that the cooling sentiment toward the property sector, coupled with additional government stimulus measures, could provide support and propel further growth in the car market. These factors create an optimistic forecast for the automotive industry in China in the coming years.