China auto sales jump 12.6% YoY in November

Shanghai (Gasgoo)- China auto outputs and sales reached 2.847 million and 2.77 million units respectively in November, rising 9.6% and 12.6% from a year earlier, and showing year-on-year growth for the eighth month in a row, according to the China Association of Automobile Manufacturers (CAAM).

Compared to October, China's auto market posted an 11.5% and 7.6% growth in production and sales volumes respectively.

In November, PV sales in China jumped 11.6% over the previous year to 2.297 million units. Both SUV and minibus arms recorded double-digit growth, while car and MPV sales grew 8.5% and 3.0% from the year-ago period.

For the first eleven months of the year, PV sales still dipped 7.6% year on year to 17.793 million units. The downturn mainly resulted from the 11.3% and 26.3% decline in car and MPV sales. Notably, the drop in year-to-date SUV sales has contracted to only 0.9%.

Monthly CV sales were posting year-on-year increase of over 30% for seventh consecutive months from April to October. In November, the CV unit still gained an 18% sales rise. Thanks to the continuous robust growth, cumulative CV sales for the Jan.-Nov. period leapt 20.5%, making the decrease in overall auto sales shrink to only 2.9%.

New Energy vehicle (NEV) wholesale in China surged 104.9% over a year ago to around 200,000 units in November, for the fifth month in a row representing growth. With 1.119 million units sold in total, year-to-date NEV sales climbed 3.9%, this year's first-time increase.

Among the NEVs sold in November, 167,000 units were full-electric vehicles, a 100.5% precipitous rise over the prior-year period. Moreover, plug-in hybrid electric vehicle (PHEV) sales zoomed up 128.9% to roughly 33,000 units, while fuel cell vehicle (FCV) sales reached 290 units.