In Nov, the BEV market continued to lead, growing 9.2% YoY, while EREVs and PHEVs showed a declining trend, with YoY drops of 4.3% and 2.8%, respectively.
On December 8, the China Passenger Car Association (CPCA) released the latest data, showing that China’s retail car market sold 2.225 million units in November, a year-on-year (YoY) decline of 8.1% and a month-on-month (MoM) decline of 1.1%.
Cumulatively, retail sales from January to November reached 21.48 million units, a 6.1% increase compared to the same period last year.
In the new energy vehicle (NEV) sector, retail sales in November reached 1.32 million units, marking a 4.2% YoY growth and a 3.0% MoM increase. NEV penetration reached 59.3% in November.
From January to November, cumulative NEV retail sales reached 11.47 million units, up 19.6% YoY.
Looking at specific segments, the BEV market continued to lead in November, growing 9.2% YoY, while EREVs and PHEVs showed a declining trend, with YoY drops of 4.3% and 2.8%, respectively.
Domestic brands continued to dominate the NEV market, with their retail share reaching 67.5% in November.
Brands such as Xpeng, Leapmotor, and Xiaomi saw their market share increase by 5.9 percentage points YoY. In contrast, Tesla’s share dropped to 5.5%.
In terms of exports, China’s passenger car exports (including both complete vehicles and CKD) set a new record in November, reaching 601,000 units, a 52.4% YoY increase and a 9.1% MoM increase.
NEVs were the driving force behind this growth, with exports reaching 284,000 units, a 243.3% YoY increase and a 19.3% MoM increase, accounting for 47.3% of total passenger car exports.
Among the top five manufacturers in NEV exports in November were BYD (128,067 units), Chery (48,066 units), Geely (15,629 units), Tesla China (13,555 units), and SAIC-GM-Wuling (12,514 units).
In terms of production, China’s passenger car production reached 3.106 million units in November, a 3.0% YoY increase and a 5.3% MoM increase.
NEV production also maintained strong growth, reaching 1.757 million units, up 18.3% YoY and 6.3% MoM, with pure EVs accounting for 57% of NEV exports.
In wholesale terms, passenger car manufacturers’ wholesale volume in November reached 2.998 million units, a new monthly record, representing a 2.3% YoY increase and a 2.4% MoM increase.
Wholesale NEV sales in November totaled 1.706 million units, up 18.7% YoY and 5.8% MoM, with NEVs accounting for 56.9% of wholesale sales.
A total of 22 manufacturers achieved monthly NEV wholesale volumes of over 10,000 units in November, an increase of 2 manufacturers YoY and stable compared to the previous month, making up 94.2% of total NEV passenger car sales.
As for inventory, due to weak retail sales in November, wholesale volume by manufacturers was 108,000 units lower than production.
Domestic wholesale exceeded retail by 172,000 units, and total passenger car manufacturer inventory increased by 60,000 units (a 220,000-unit decrease YoY).
Overall, November saw record highs in production, exports, and wholesale volumes for passenger cars.
Domestic brands, including Dongfeng, SAIC, FAW, BAIC, Chery, and Changan, contributed to strong growth, with the six major state-owned brands seeing a combined YoY growth of 3%.
Looking ahead to December, the CPCA noted that as the year-end approaches, the NEV market is expected to see a further surge, driven by the approaching expiration of the vehicle purchase tax subsidy.
Consumers are anticipated to rush to purchase vehicles, boosting market performance further in December.
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