China Association of Automobile Manufacturers: In October, automobile sales increased both year-on-year and month-on-month, with new energy vehicle production and sales reaching a new historical high

On November 11, the China Association of Automobile Manufacturers announced the production and sales situation of the automobile industry in October. The market heat continues to rise, with automobile sales achieving growth both month-on-month and year-on-year. The passenger car market continues to improve, while the commercial vehicle market shows relatively weak performance. New Energy Vehicles and automobile exports maintain rapid growth.

In terms of passenger cars, production and sales achieved year-on-year and month-on-month growth, with the market share of Chinese brand passenger cars further increasing, although high-end brand sales declined. In terms of New Energy Vehicles, monthly production and sales reached a historical high, with domestic sales accounting for over 50% for three consecutive months.

Overall Automobile Production and Sales Show Double Growth Month-on-Month and Year-on-Year

Specifically, in October, overall automobile production and sales showed double growth month-on-month and year-on-year, with production and sales reaching 2.996 million and 3.053 million vehicles, respectively, representing month-on-month growth of 7.2% and 8.7%, and year-on-year growth of 3.6% and 7%.

Among them, domestic sales were 2.511 million vehicles, with a month-on-month increase of 10.6% and a year-on-year increase of 6.2%; automobile exports were 542,000 vehicles, with a month-on-month increase of 0.5% and a year-on-year increase of 11.1%.

In October, passenger car production and sales reached 2.706 million and 2.755 million vehicles, respectively, with month-on-month growth of 8.2% and 9.1%, and year-on-year growth of 7.7% and 10.7%.

Among them, the market share of Chinese brand passenger cars further increased, with October sales of 1.931 million vehicles, a year-on-year increase of 30%, accounting for 70.1% of the market share, an increase of 10.4 percentage points compared to the same period last year. However, domestically produced high-end brand passenger car sales declined, reaching 381,000 vehicles, a month-on-month decrease of 9.2% and a year-on-year decrease of 3%.

Monthly Production and Sales of New Energy Vehicles Reach Historical Highs

In October, production and sales of New Energy Vehicles reached 1.463 million and 1.43 million vehicles, respectively, representing year-on-year growth of 48% and 49.6%, accounting for 46.8% of total new automobile sales.

The domestic sales share of New Energy Vehicles has exceeded 50% for three consecutive months, with October domestic sales of 1.302 million vehicles, a year-on-year increase of 56.5%, accounting for 51.8% of domestic automobile sales; domestic sales of new energy passenger cars reached 1.248 million vehicles, a year-on-year increase of 58.1%, accounting for 54.5% of domestic passenger car sales; domestic sales of new energy commercial vehicles reached 54,000 vehicles, a year-on-year increase of 26.6%, accounting for 24.4% of domestic commercial vehicle sales.

Automobile Exports Increase by 11.1% Year-on-Year

Automobile exports reached 542,000 vehicles, with a month-on-month increase of 0.5% and a year-on-year increase of 11.1%. By vehicle type, passenger car exports were 465,000 vehicles, with a month-on-month increase of 1.8% and a year-on-year increase of 10.7%; commercial vehicle exports were 76,000 vehicles, with a month-on-month decrease of 6.6% and a year-on-year increase of 13.6% In October, among the top ten vehicle exporting companies, seven companies achieved positive growth in exports. Among them, Chery's export volume reached 112,000 units, a year-on-year increase of 18.9%, accounting for 20.7% of the total export volume. Compared to the same period last year, BAIC's export growth rate was the most significant, with exports reaching 30,000 units, a year-on-year increase of 100%.

According to data compiled by the China Association of Automobile Manufacturers from the General Administration of Customs, in September, automobile exports were 609,000 units, a month-on-month decrease of 0.3% and a year-on-year increase of 22.7%. Among them, new energy vehicle exports were 183,000 units, a month-on-month increase of 5.5% and a year-on-year increase of 7.2%.

From January to September, automobile exports totaled 4.7 million units, a year-on-year increase of 26.6%. Among them, new energy vehicle exports reached 1.522 million units, a year-on-year increase of 22.2%. The top three countries for automobile exports are Russia, Mexico, and the United Arab Emirates. The top three markets for new energy vehicle exports are Belgium, Brazil, and the United Kingdom.