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China auto sales jump 12.5% YoY in October

Monika From Gasgoo| November 11 , 2020 14:16 BJT

Shanghai (Gasgoo)- China auto outputs and sales reached 2.552 million units and 2.573 million units respectively in October, jumping 11% and 12.5% from a year earlier, and showing year-on-year growth for the seventh month in a row, according to the China Association of Automobile Manufacturers (CAAM).

China auto sales jump 12.5% YoY in October

Compared to September, China's auto market posted an 11% robust growth in production volume, while the sales only climbed 0.1%.

In October, PV sales in China rose 9.3% over a year earlier to 2.11 million units. The car, SUV and minibus arms all attained year-over-year growth. MPV sales were down by 5.8% from the previous year to 0.123 million units.

China auto sales jump 12.5% YoY in October

For the first ten months, PV sales aggregated 15.495 million units, sliding 9.9% compared to the year-ago period. The decrease in SUV and minibus’ sales had contracted to 3.1% and 4.6% respectively. The MPV segment faced the biggest decline of 29.5%.

CV sales still vigorously leapt 30.1% from a year earlier to 464,000 units last month. Both bus and truck arms boasted 20% plus year-on-year increase. Notably, the sales of trucks amounted to 421,000 units, hitting a record-high level in terms of Oct. sales.

China auto sales jump 12.5% YoY in October

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Automakers in China sold 160,000 new energy vehicles (NEVs) last month, a significant hike of 104.5% over the prior-year period. As of October, the decrease in year-to-date NEV sales shrank to 7.1%.

Among the NEVs sold in October, 148,000 units were passenger vehicles. To be specific, the sales of BEVs skyrocketed 128.8% to 122,000 units, while PHEV sales stood at 26,000 units, which represented a 62.7% year-on-year surge.

Notably, 647 and 658 FCVs (fuel cell vehicles) were output and sold last month, down by 53.5% and 50.4% over a year earlier respectively.

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