China’s new energy vehicle output, sales both exceed 1-million-unit mark in Nov. 2023

Beijing (Gasgoo)- In November 2023, China’s automotive market sustained its momentum, benefitting from consumption sprees driven by events like the "11.11" shopping festival, further escalating the demand for vehicle purchases. 

The market exhibited strong performance in the past month, surpassing expectations, with month-on-month and year-on-year growth in both auto production and sales. Passenger vehicles continued their robust trajectory, while commercial vehicles maintained rapid growth. New energy vehicles and automotive exports led the industry's expansion.

As policy effects continued to manifest, regional motor shows and promotional activities remained robust. Combined with the final-month sales sprint by automakers, it is anticipated that December’s automotive market will continue the positive trend, potentially showcasing a year-end surge. The automotive production and sales are expected to hit historic highs for the entire year, surpassing the yearly forecast.

In November, there were 3.093 million vehicles produced in China, which rose 7% from the previous month and hiked 29.4% over the previous year, according to data from the China Association of Automobile Manufacturers (CAAM). In the same month, automakers in China sold around 2.97 million vehicles, representing a 4.1% tick up from a month earlier and a 27.4% jump year-on-year.

In the first eleven months of this year, China’s cumulative auto production and sales volumes reached a respective 27.111 million and 26.938 million vehicles, growing 10% and 10.8% year over year.

eT5; photo credit: NIO

In the past month, China’s new energy vehicle (NEV) market for the first time saw both production and sales volume surpass the 1-million-unit mark. In November, automakers in China produced and sold 1.074 million and 1.026 million vehicles, which surged 39.2% and 20% from the previous year, respectively. NEVs made up 34.5% of the country's total auto sales last month.

Specifically, of the NEVs sold in the last month, approximately 929,000 units were sold domestically in China, indicating a 11.7% increase month-on-month and a 33.9% leap year-over-year. 

In the first eleven months of this year, China’s cumulative NEV output and sales stood at 8.426 million and 8.304 million units, respectively, leaping 34.5% and 36.7% over the previous year. In the Jan.-Nov. period, NEVs accounted for 30.6% of China’s total vehicle sales. 

Good Cat; photo credit: ORA

Last month, automakers in China saw roughly 482,000 vehicles set sail to overseas markets, which notched down 1.1% from the previous month but zoomed up 46.3% from a year ago. Of the vehicles exported overseas in November, around 97,000 units were NEVs, dropping 21.8% month on month but edging up 1.6% year on year.

In the Jan.-Nov, period, there were a total of 4.412 million vehicles sold outside of the country, shooting up 58.4% from the year-ago period. Year-to-date exports of NEVs came in at about 1.091 million units, soaring 83.5% year on year.

Battery electric vehicles (BEVs) continued to spearhead the export market for NEVs in the first eleven months of this year, with 1.003 million units shipped overseas, which zoomed up 87.7% year over year. In the meantime, plug-in hybrid electric vehicles were exported by 89,000 units in the Jan.-Nov. period, surging 46.2% from the previous year. 

In November, among the top ten vehicle exporting enterprises, SAIC Motor remained in the lead with a monthly export volume of around 108,000 vehicles, marking an 8.3% year-on-year increase and accounting for 22.4% of the country’s total export volume. Comparatively, Changan witnessed the most notable surge in export growth from the same period last year, with exports reaching 35,000 vehicles, skyrocketing 150% year on year.

From January to November, among the top ten enterprises in vehicle exports, several automakers with notable growth rates were observed. For instance, NEV giant BYD shipped 216,000 vehicles, which were 3.6 times higher than that of a year ago. Meanwhile, with 837,000 vehicles exported, Chery achieved a 110% soar in year-to-date auto exports. Great Wall Motor, on the other hand, exported 283,000 vehicles in the period, showcasing an impressive 84.8% year-on-year surge.