9th December 2023 – (Beijing) China’s retail sales of passenger cars experienced robust growth in November, reaching a total of 2.08 million units, according to data released by an industry association. This represents a significant increase of 26 per cent compared to the same period last year, highlighting the strong demand for automobiles in the Chinese market.
The data, provided by the China Passenger Car Association, also revealed that the total sales of passenger cars for the first 11 months of the year surpassed 19.34 million units, marking a year-on-year growth of 5.3 per cent. This steady rise in sales indicates a sustained appetite for passenger vehicles among Chinese consumers.
In terms of production, the country witnessed a remarkable surge in the manufacturing of passenger vehicles. The production volume of these vehicles exceeded 2.64 million units in November, reflecting a substantial year-on-year increase of 25 per cent. This surge in production further demonstrates the continuous expansion of China’s automotive industry.
Furthermore, the association reported a significant boost in the export of passenger vehicles. In November alone, exports soared by an impressive 50 per cent compared to the same period last year, reaching a total of 378,000 units. Notably, new energy vehicles accounted for 23.5 per cent of the total export volume, underscoring China’s commitment to promoting environmentally friendly transportation solutions on a global scale.
The remarkable growth in retail sales of passenger cars in November can be attributed to various factors. Firstly, the recovering Chinese economy has bolstered consumer confidence and increased purchasing power, leading to a surge in demand for automobiles. Additionally, ongoing government initiatives aimed at stimulating domestic consumption and supporting the automotive industry have played a crucial role in driving sales growth.