Retail sales in China's passenger car market reached 1.992 million units in October, up 8.0% year-on-year, achieving a nearly two-year high growth rate of 8% for four consecutive months, data released today by the China Passenger Car Association (CPCA) showed.
Retail sales in China's passenger car market in January-October this year fell 10.2 percent from a year earlier, narrowing 2 percentage points from the 12.5 decline in January-September.
Wholesale sales of new energy passenger cars in China exceeded 144,000 units in October, up 119.8 percent year-on-year and 15.9 percent from September.
The sales of plug-in hybrid models were 23,000 units, up 58.6 percent year-on-year, while wholesale sales of pure electric vehicles were 121,000 units, up 137.2 percent year-on-year.
Four companies sold more than 10,000 new energy passenger cars in October, including SAIC-GM-Wuling with 29,711 sales, BYD with 22,395, SAIC with 12,785 and Tesla with 12,143.
Sales of Nio, Li Auto, WM Motor, Xpeng and other new powerhouses were also good, the CPCA said, without providing details.
The CPCA expects China's new energy vehicle market to continue to grow at a high rate year-on-year in the last two months of the year, adding that the launch of the SAIC ID.4X shows the determination of traditional carmakers to ride the electrification wave.
China enters the passenger car market's winter sales period in November, with the core driver being mid- to low-priced Chinese brands making a year-end push.
The recent continued appreciation of the RMB and significant declines in joint venture costs have contributed to the recovery of corporate receivables, and the potential for price cuts by joint ventures has become greater, providing financial momentum for the deer hunt in the fourth quarter, the CPCA said.
