Passenger vehicle retail sales in China are expected to amount to 2.02 million units in October this year, up 9.5 percent year on year, while increasing by 0.1 percent month on month, according to the China Passenger Car Association (CPCA).
In October this year, new energy passenger vehicle retail sales are estimated at 750,000 units, up 34.6 percent year on year, while increasing by 0.9 percent month on month, with the market share of NEVs reaching 37.1 percent.
The China Auto Dealer General Inventory Index stood at 1.51 in September this year, down from 1.54 recorded in August, while still remaining at a relatively high level, as announced by the China Automobile Dealers Association (CADA).
In 2023, more new energy vehicle models were launched, which have provided solid support for new energy vehicle sales.
At the same time, the CPCA stated that frequent sales promotion activities in the vehicle market bolstered vehicle sales in 2023, while declining vehicle prices made many downstream consumers hold a wait-and-see stance as regards purchases, which limited vehicle sales in October to a certain degree.