18th November 2023 – (Beijing) The first ten months of this year saw an impressive upswing in the sales of Chinese-brand passenger cars, with a year-on-year surge of 22.2% to nearly 11.43 million units, according to industry data.
Data provided by the China Association of Automobile Manufacturers (CAAM) revealed that the market share of domestic vehicles during this period reached 55.3%, an increase of 6.6 percentage points compared to the same period in 2022.
In October alone, the sales of domestic-brand passenger vehicles in China rose dramatically, with approximately 1.49 million units sold, marking a year-on-year leap of 25.1%.
Additionally, these sales represented 59.7% of the country’s total passenger vehicle sales in October, an increase of 6.6 percentage points compared to one year earlier.
This robust performance underscores a growing consumer preference for domestic brands, reflecting the strength and competitiveness of China’s homegrown automotive industry. The trend is expected to continue as Chinese manufacturers increasingly focus on cutting-edge technology and consumer-centric designs to attract a larger share of the market.