China (CAAM): October car sales: double-digit growth maintained

China (CAAM): October car sales: double-digit growth maintained

-Commercial vehicles and new energy vehicles are performing well-

Shanghai

November 12, 2020

China Automobile Manufacturers Association: (CAAM)

On November 11th, it announced the number of cars sold in October.

Vehicle sales increased 12.5% year-on-year to 2,573,000 units.

Since April, it has increased from the same month of the previous year for 7 consecutive months.

In particular, the “double-digit upward trend that has continued since May” was maintained in October.

Breakdown of passenger cars and commercial vehicles:

Passenger cars increased by 9.3% to 2.11 million units
Commercial vehicles increased by 30.1% to 464,000 units.
Commercial vehicle:

Since April, it has continued to increase by more than 30% compared to the same month of the previous year.

NEV car:

160,000 units, about double the same month last year. In July, it turned positive compared to the same month of the previous year.

Since then, the recovery in sales volume has become remarkable.

January-October car sales

It was 19,699,000 units, down 4.7% from the same period of the previous year, and is still negative.

However, the rate of decrease improved by 2.2 points from January to September.

NEV vehicles also decreased 7.1% year-on-year to 901,000 units.

The rate of decrease has shrunk by 10.6 points from January to September, showing a rapid improvement.

–JETRO