China’s auto market posts contracted decrease in Jan.-Oct. sales

Shanghai (Gasgoo)- China's auto outputs and sales in October slid 1.7% and 4.0% from the previous year, versus 6.2% and 5.2% decrease for the previous month, according to the China Association of Automobile Manufacturers (CAAM).

The overall market was seeing a limited rebound in outputs and sales for October, said the association. The PV sector still came under pressure from the unimproved market demands, while the CV sector has maintained a good rising momentum thanks to the speed-up phase-out of old products and driving forces of investments.

For the first ten months, auto outputs and sales in this country fell 10.4% and 9.7% year on year respectively, 1.0 and 0.6 percentage points less than the decline in Jan.-Sept. numbers.

Last month, China automakers sold a total of 1.928 million PVs, a year-on-year decrease of 5.8%. Compared with the year-ago period, SUV sales climbed 0.1%, but both car and MPV sectors posted double-digit decline.

Year-to-date PV sales dipped 11% over the prior-year period, versus 11.7% drop in Jan.-Sept. volume. Except the SUV, the car, MPV and minibus sectors all posted double-digit decrease.

（Photo source: BAIC BJEV)

It is worth mentioning that China's NEV sales have been representing decrease for four straight months. Last month, roughly 75,000 NEVs were sold across China, plunging 45.6% over a year earlier.

Affected by the sales slump in October, the growth in year-to-date NEV sales continued to shrink. After 10 months of this year, cumulative NEV sales amounted to around 947,000 units, up by 10.2% year on year, while the number stood at 20.8% for the first three quarters.