China's November Car Sales Near 3 Million Units... Exports Up 46.3%

China's automobile sales in November approached 3 million units, continuing its recovery trend.

According to the China Association of Automobile Manufacturers on the 11th, automobile sales in China reached 2.97 million units in November, a 27.4% increase compared to the previous year. Production volume rose 29.4% during the same period to 3.093 million units. Cumulatively up to last month, sales totaled 26.938 million units and production reached 27.111 million units, marking increases of 10.8% and 10% respectively compared to the previous year.

[Image source=EPA Yonhap News]

Domestic sales in November alone were 2.488 million units, up 5.2% from the previous month and 24.3% year-on-year. Exports stood at 482,000 units, down 1.1% from the previous month but up 46.3% compared to last year. Cumulatively through November, domestic sales reached 22.526 million units and exports 4.412 million units, representing increases of 4.7% and 58.4% year-on-year respectively.

New energy vehicle (NEV) domestic sales continued to grow, but exports showed sluggish performance. NEVs, including electric vehicles, sold 929,000 units domestically in November, a 33.9% increase year-on-year, while exports were 97,000 units, rising only 1.6% compared to the previous year.

The association explained, "The automobile market in November continues to maintain its momentum," adding, "Fueled by consumer waves such as the Double 11 (Shuangsi) promotion, purchasing demand has expanded further, and market performance is continuously improving." It further noted, "Production and sales in November showed growth compared to the same period last year, with steady growth in passenger cars and rapid growth in commercial vehicles," emphasizing, "especially new energy vehicles have led industrial growth."

Additionally, it stated, "With ongoing policy effects and active motor shows and promotional activities across various regions, the market boom is expected to continue," forecasting, "In December, the year-end effect will persist, and automobile sales are expected to reach an all-time high this year, exceeding forecasts and targets."

Meanwhile, foreign brands are experiencing worsening performance within China. Tesla's sales last month were 82,432 units, a sharp 18% decline year-on-year. In contrast, Chinese brand BYD sold 301,378 units during the same period, showing a 31% year-on-year growth. Japanese automakers face even more severe challenges. Due to poor performance, Guangqi Honda, a joint venture with Guangzhou Automobile, laid off 900 employees, and Guangqi Toyota, Toyota's local subsidiary, cut 1,000 employees earlier in July.