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The production and sales volume of new energy vehicles increased year-on-year in October!
2024-11-13
The China Association of Automobile Manufacturers (hereinafter referred to as 'CAAM') reported on November 11 that in October, the production and sales of new energy vehicles in China reached a historical high, with a year-on-year growth of nearly 50%.
Data shows that in October, new energy vehicles continued to maintain rapid growth, with monthly production and sales reaching new highs of 1.463 million and 1.43 million units, respectively, representing year-on-year growth of 48% and 49.6%. The sales of new energy vehicles accounted for 46.8% of the total sales of new cars. From January to October, the production and sales of new energy vehicles reached 9.779 million and 9.75 million units, respectively, with year-on-year growth of 33% and 33.9%, and the sales of new energy vehicles accounted for 39.6% of the total sales of new cars.
Chen Shihua, deputy secretary-general of CAAM, stated that with the introduction of a package of incremental policies and the gradual emergence of the effects of existing policies, positive factors driving economic recovery are accumulating, leading to a continued acceleration in production by automobile companies and an increase in corporate confidence.
"Entering October, the national vehicle trade-in policy had a significant effect on boosting automobile consumption. Many local auto shows and promotional activities were in full swing, and companies launched new models intensively, driving the market heat to continue rising. In October, automobile sales achieved growth both month-on-month and year-on-year. Among them, the passenger car market continued to improve under multiple positive factors, and the sales of new energy vehicles and automobile exports maintained rapid growth," said Chen Shihua.
From a segmented market perspective, among the main types of new energy vehicles, in October, the production and sales of pure electric, plug-in hybrid, and fuel cell vehicles all showed varying degrees of growth compared to the previous month. Compared to the same period last year, the production and sales of these three types of new energy vehicles all showed significant double-digit growth, with plug-in hybrid production and sales increasing by 78.4% and 89.7%, respectively. From January to October, the production and sales of these three types of new energy vehicles also showed varying degrees of growth compared to the same period last year.
It is noteworthy that in October, the growth trend of new energy vehicles continued in both domestic sales and exports. In October, domestic sales of new energy vehicles reached 1.302 million units, a month-on-month increase of 10.7% and a year-on-year increase of 56.5%; exports of new energy vehicles reached 128,000 units, a month-on-month increase of 16% and a year-on-year increase of 3.6%. From January to October, domestic sales of new energy vehicles reached 8.692 million units, a year-on-year increase of 38.3%; exports of new energy vehicles reached 1.058 million units, a year-on-year increase of 6.3%.
"As the cumulative effects of policies continue to emerge, coupled with the year-end sprint by car manufacturers and dealers, automobile consumption demand continues to be released. It is expected that the car market will maintain an upward trend in the last two months of the year. Given the significant boost effect of the enhanced trade-in policy, it is recommended to continue relevant policies next year and to release implementation details as soon as possible to expand policy publicity," said Chen Shihua.
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