China’s NEV sales shoot up 72.3% YoY in November 2022

Beijing (Gasgoo)- In November, China’s overall auto output and sales faced a downward movement due to a bearish market. Nonetheless, sales of new energy vehicles (NEVs) continued to refresh its record in the past month, while the auto export volume remained promising, according to the China Association of Automobile Manufacturers (CAAM).

In the second-to-last month of 2022, China produced and sold 2.386 million vehicles and 2.328 million vehicles, respectively, representing a year-over-year drop of 7.9% each. In the Jan.-Nov. period, there were 24.628 million vehicles produced across the country, up 6.1% year over year. Meanwhile, China’s year-to-date auto sales climbed up 3.3% from a year ago to 24.302 million units.

Despite the rough market climate across China, there were still 768,000 and 786,000 NEVs produced and sold in the world’s largest auto market in November, which reflected a respective 65.6% and 72.3% soar from a year ago. 

NEVs accounted for 33.8% of the country’s total auto sales in the past month, hitting a record-high level yet again. Among which, 615,000 units sold were battery-electric vehicles, hiking up 67.4% year on year. 

Photo credit: BYD

In the first eleven months of the year, China’s cumulative NEV sales amounted to 6.067 million units, which doubled the volume from the same span last year, taking up 25% of the country’s total auto sales in the period.

In November, there were 329,000 vehicles shipped overseas by automakers in China, representing a 64.8% spike year-on-year. Among which, 276,000 units were passenger vehicles, jumping 62.2% over the previous year. Of the vehicles shipped abroad in the past month, 95,000 units were NEVs, which was 1.5 times higher than that of the year-ago period. 

China’s cumulative automobile export volume in the past eleven months totaled 2.785 million vehicles, zooming up 55.3% from a year ago.

China’s passenger vehicle sales amounted to 2.075 million units in November, down 7% over the previous month and 5.6% over the earlier year. Comparing to the same month of 2021, sales of conventional oil-fueled vehicles in China were slashed by 483,000 units to 1.147 million units in Nov., decreasing 29.6% year on year. 

By the end of November, automakers in China sold a total of 21.292 million passenger vehicles this year, representing a 11.5% increase from a year ago. The CAAM explained that the pandemic has weakened the boost of the ongoing tax cut policy. 

In November, China’s indigenous brands sold 1.129 million passenger vehicles, accounting for 54.4% of the total monthly passenger vehicle sales in China, up 7.6 percentage points from the year-ago period. In the Jan.-Nov. period, the cumulative sales of China-branded passenger vehicles summed up to 10.479 million units, jumping 24.2% over the previous year.

Among the passenger vehicles sold in the past month, roughly 380,000 units were luxury vehicles made in China, which reflected a 18.2% growth year-on-year. Notably, the sales growth of luxury passenger vehicles outpaced the entire Chinese passenger vehicle market by 23.8 percentage points in November. 

On the other hand, China’s commercial vehicle sales amounted to 253,000 units last month, edging down 7.5% month on month and also dropping 23.4% year on year. In the Jan.-Nov. period, there were 3.01 million commercial vehicles sold by automakers in China, dropping 32.1% compare to 2021.