SHANGHAI, Jan 5 (SMM) - According to the China Association of Automobile Manufactures (CAAM), China's automobile market in November, 2022 was less thriving than expected, though the production and sales continued to grow. The data shows that the NEV output and sales were 768,000 units and 786,000 units, up 65.6% and 72.3% respectively from the previous year. In November, the automobile production and sales stood at 2.39 million units and 2.33 million units respectively, both down 7.9% year-on-year. For January-November, the output and sales stood at 24.63 million units and 24.30 million units, a year-on-year increase of 6.1% and 3.3% respectively.

Specifically, the production and sales of passenger vehicles in November were 2.15 million units and 2.08 million units, down 3.9% and 5.6% respectively year-on-year. The production and sales amounted to 21.70 million units and 21.29 million units in the first 11 months of 2022, up 14.7% and 11.5% respectively year-on-year.  In November, the production and sales of commercial vehicles declined 33.4% and 23.4% respectively on a yearly basis to 235,000 units and 253,000 units. For January-November, the production and sales totalled 2.93 million units and 3.01 million units respectively, down 31.9% and 32.1% from a year earlier.

In addition, the output and sales of NEVs in November stood at 768,000 units and 786,000 units respectively, an increase of 65.6% and 72.3% year-on-year, with a market penetration rate of 33.8%. The NEV output and sales totalled 6.25 million units and 6.07 million units respectively in the first 11 months of 2022, both double that of the previous year, with a market penetration rate of 25%.

At the same time, the added value of automobile manufacturing industry rose 7.7% in January-November from the prior year. The revenue climbed 8.1% to 8,372.61 billion yuan while the profits gained 0.3% year-on-year to 476.3 billion yuan.

The exports of completed vehicles were 329,000 units in November, up 64.8% on the year. NEVs exports totalled 95,000 units, up 1.5 times from the previous year. In January-November, the combined exports of completed vehicles amounted to 2.79 million units, up 55.3% on the year. NEVs exports totalled 593,000 units, double that in 2021.