In October, China's vehicle sales demonstrated an impressive rise, fueled by the sales of new-energy vehicles as well as various sales promotions. The China Passenger Car Association reported that retail sales of passenger cars, sitting atop the throne of the world's biggest auto market, increased by 10% compared to the previous year, reaching a total of 2.03 million vehicles. Furthermore, month-on-month growth was recorded at 0.7%.
The data also revealed a substantial surge of 49% in exports for the month of October, resulting in a year-to-date growth rate of 66%. The retail sales of new-energy cars, encompassing electric and plug-in hybrids, followed suit with an impressive year-on-year growth of 27.5%.
Notably, Tesla's contribution to these impressive figures cannot be overlooked. The American electric vehicle manufacturer successfully delivered a staggering 72,115 vehicles manufactured at its Shanghai plant in October.
Looking ahead, the CPCA anticipates the upward trajectory to continue in November. Given the low base of comparison from the previous year, it is highly likely that sales will experience further growth. As consumer sentiment wanes in the property sector over the past couple of years, individuals may shift their focus toward purchasing cars instead. The association estimates that retail sales could witness a remarkable rise of 20% in November alone.
In conclusion, China's vehicle market is showcasing robust resilience and promising prospects. With soaring sales and increasing demand for new-energy vehicles, the industry is garnering well-deserved attention and fostering an environment ripe for innovation and growth.
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