China's homegrown PV retail sales grow 8% year on year in October

Shanghai (Gasgoo)- In October, around 2.021 million locally-produced PVs (referring to cars, MPVs, SUVs and minibuses) were handed over to consumers in China, representing a year-on-year growth of 8%, according to the China Passenger Car Association (CPCA).

For the first ten months of 2020, China's homegrown PV retail sales totaled 15.177 million units, shrinking 10.2% from the previous year, versus the 12.5% decrease in Q1-Q3 volume.

As of October, China's PV market had posted year-over-year growth in retail sales for four consecutive months. There were three factors contributing to the incessant increase, said the CPCA. First of all, consumer confidence has been stabilized thanks to the better-than-expected recovery in the macro-economic climate and export business. Secondly, the PV market rebounded from a low year-ago base which was led by the implementation of China Ⅵ emission standards. Moreover, the solid rebound in NEV retail sales helped driving the resilient sales for the overall PV market.

Compared to the previous month, China's PV sales showed a 4% growth last month, buoyed by the local governmental incentives and the stronger demands from the Mid-Autumn Festival and the National Day Holiday.

In October, China's self-owned PV brands posted a 6% year-on-year and a 14% month-on-month growth in retail sales, said the CPCA. Their market share stood at 37.9% in the overall PV market, 0.3 percentage points lower than the prior-year level.

Regarding the Oct. PV retail sales, the top 3 automakers—FAW-VW, SAIC VW and SAIC-GM—remained the same as that of the August. The No.4 and No.5 automakers—Geely Auto and Dongfeng Nissan—got their places swapped compared to the previous month. The occupants of the 6th to 9th places were still Changan Auto, SGMW, Great Wall Motor and Dongfeng Honda. FAW-Toyota moved up to the tenth place.

According to the CPCA, the retail sales of luxury PV brands in October leapt 30% year on year, while dropped 6% month on month. The growth in retailing demands was somewhat curbed as the production of BMW and Mercedes-Benz cars was substantially lower than deliveries.

With regard to the wholesale volume, automakers in China sold 2.107 million domestically-built PVs last month, a year-on-year increase of 9.1%. For the Jan.-Oct. period, PV wholesales in China dipped 10% to 15.467 million units.

In terms of Oct. PV wholesales, FAW-VW still topped the other automakers by selling roughly 221,000 units. SAIC-GM (No.2), Great Wall Motor (No.7) and GAC Honda (No.9) all moved up one place compared to August. On the other side, SAIC VW, SGMW and Dongfeng Nissan all dropped one place to the third, the fifth and the sixth place respectively.