China's Nov passenger car sales hit 1.28 mln, up 27%

Shanghai December 8 (Gasgoo.com) Passenger car sales in China hit a record high in November, up 27% from a year earlier to 1.28 million units, First Financial Daily reported Wednesday, citing data from the China Passenger Car Association.

The data released today also showed that passenger car production in the same month reached 1.35 million units, up 25.6% compared to November 2009. On a monthly basis, passenger car sales and output went up 27% and 13.80% respectively in November.

From the perspective of car type, sedan sales grew 22% year the year and 10.3% month on month to 888,900 units in November; MPV sales rose 50.9% y/y and 3.1% m/m to 41,600 units; and SUV sales jumped 77.3% y/y and 16% m/m to 130,000 units.

In November 2009, China sold 938,400 sedans, up 23.1% y/y and 13.4 m/m; 43,500 MPVs, up 59.3% y/y and 10.7% m/m; and 134,400 SUVs, up 69.1% y/y and 12.2% m/m.

Export and automobile industries made the most contribution to China's economy growth this year, while government stimulus policies issued to boosted car sales including tax rebates and vehicle trade-in subsidies are most likely to be terminated next year, the Association said, underlying that the country's automobile industry needs to be moderately controlled.