China's passenger car retail sales expected to reach 2.4 million units in Nov. 2024: CPCA

Beijing (Gasgoo)- Preliminary data from the China Passenger Car Association (CPCA) suggests that the retail sales of passenger vehicles in China will reach approximately 2.4 million units in November 2024, representing a 15.4% year-on-year increase and a 6.1% month-on-month rise.

Of these, retail sales of new energy vehicles (NEVs) are projected to hit 1.28 million units this month, achieving a penetration rate of 53.3%.  

For clarity, the passenger vehicles hereby refer to cars, MPVs, and SUVs locally produced on the Chinese Mainland.

The Chinese auto market displayed strong momentum during October, buoyed by the National Day holiday and policies supporting vehicle scrapping and trade-ins. Data from the CPCA indicates that China's passenger vehicle retail sales reached 2.261 million units in October, jumping 11.3% year over year and 7.3% month over month, exceeding earlier forecasts. While oil-fueled vehicle sales fell 16.1% from the year-ago period to 1.066 million units, which indicated a narrowing of the decline due to car replacement incentives. NEV sales surged to 1.196 million units in the past month, accounting for 52.8% of the market, highlighting robust growth in the sector.  

In November, the Chinese auto market continues to benefit from favorable policies and seasonal demand, with automakers leveraging marketing campaigns like "Double 11" promotions and the Auto Guangzhou 2024 to attract consumers. Discounts and promotional offers remained stable, with the average discount rate at mid-November hovering around 24.1%. Top automakers, which account for nearly 80% of the country’s total passenger car retail sales, aim for a 6.5% month-on-month increase in November.