China's homegrown PV retail sales grow 7.8% year on year in Nov.

Shanghai (Gasgoo)- In Nov., around 2.11 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 7.8%, according to the China Passenger Car Association (CPCA).

As of Nov., the growth in monthly PV retail sales was standing around 8% for five consecutive months. It is mainly credited to the better-than-expected recovery in macro-economic climate and export market performance, and the robust rebound in retail sales of new energy vehicles (NEVs), said the CPCA.

Retailing 1.913 million units, the traditional fuel-burning vehicle unit posted a 3.1% year-on-year growth in November, 1.3 percentage points lower than that of October. According to the association, the slowdown partly stemmed from the relatively high prior-year base caused by the selling season before the Spring Festival. Besides, as new local confirmed cases of COVID-19 appeared in some regions, China ramped up the efforts to guard against imported cases and prevent a resurgence of the outbreak at home, leading to the slowing demands as well.

Last month, there were roughly 169,000 China-made NEVs handed over to consumers in the country, a precipitous year-over-year hike of 136.5%.

Luxury car brand scored a 27% year-on-year jump in Nov. retail sales thanks to the strong demands of replacing old cars with luxury vehicles. Retail sales of China self-owned brands and mainstream joint-venture brands climbed 9% and 3% over a year ago respectively.

For the first eleven months of 2020, China's homegrown PV retail sales added up to 17.287 million units, shrinking 8.3% from the prior-year period, versus the 10.2% decline in Jan.-Oct. volume. Affected by the Spring Festival and the coronavirus pandemic, the PV retail volume for the first half of 2020 slumped 22.6% compared to the year-ago period. However, the cumulative volume for the Jul.-Nov. period evidently rose 8%.

The top 5 automakers by Nov. PV retail sales remained same compared to October. Both SGWM and Great Wall Motor moved up one spot to the sixth and seventh place. GAC Honda once gain stepped into the top 10 list after two-month absence.

Wholesale volume of locally-produced PVs grew 11.3% from a year ago to 2.3 million units. The year-to-date sales dropped 7.7% to 17.767 million units.

Among the top 10 automakers by Nov. PV wholesales, FAW-VW retained its sales crown with 223,000 vehicles sold. The runner-up and the second runner-up were still SAIC VW and SAIC GM, while their positions were swapped compared to October. The occupants of the seventh to tenth places remained unchanged over a month ago.