First Time: China’s Monthly NEV Sales Exceed 50% of Total Vehicle Sales in October

On November 11, the China Association of Automobile Manufacturers released October Chinese auto production and sales report.

According to the report, during the January-October period this year, China witnessed a remarkable rise on NEV production and sales, in which the NEV sales exceeded 50% of the total sales in October. Here goes the quick summary of the report.

October Auto Production and Sales Figures

October auto production reached 3.359 million units, marking a 2.5% MoM increase, and 12.1% YoY surge, while the October auto sales reached 3.322 million units, reflecting a 3% MoM rise, and an 8.8% YoY increase.

The NEV October production and sales witnessed 1.772 million and 1.715 million units respectively, achieving a YoY surge of 21.1% and 20%. The sales of NEV in October accounts for 51.6% of the total vehicle sales in the month.

January-October Period Auto Production and Sales Figures

During January-October, Chinese auto production and sales reached 27.692 million and 27.687 million units respectively, both exceeding 10% year-on-year growth.

During the same period, NEV production and sales achieved 13.015 million and 12.943 million units, posting 33.1% and 32.7% YoY uptick.

NEV exports saw a 90.4% leap during the first ten months to 2.014 million units.

*(Exchange rate: RMB 7.1 = USD 1)*