·China Automobile Association: October production and sales growth rate is much lower than expected

On November 10, the China Association of Automobile Manufacturers (hereinafter referred to as the "China Automobile Association") released data on automobile production and sales in October. The data shows that in October, China's automobile production and sales were 2,856,300 and 2,469,900, respectively, an increase of 17.63% and 18.65% respectively.

Chen Shihua, assistant secretary-general of the China Automobile Association, said that overall, the production and sales of automobiles in October increased slightly compared with the previous month. The growth rate of automobile production and sales in January-October was also higher than that of the same period of last year, but the growth rate was still far lower than expected. Surprise.
The production and sales of the newly-recognized new energy vehicles in October were 49,000 and 44,000, respectively, up 14.3% and 8.1% respectively. Among them, pure electric new energy vehicles (including passenger cars and commercial vehicles) sold a total of 39,000 units, an increase of 19.7%; plug-in hybrids sold only 5,000 units, a sharp drop of 38.6%. From January to October, the total sales volume of new energy vehicles in China reached 337,000 vehicles, an increase of 82.2% over the same period of the previous year. It is worth noting that the performance of new energy commercial vehicles sold only 12,000 units in October, a sharp drop of 11.6% year-on-year.

The production and sales of the newly-recognized new energy vehicles in October were 49,000 and 44,000, respectively, up 14.3% and 8.1% respectively. Among them, pure electric new energy vehicles (including passenger cars and commercial vehicles) sold a total of 39,000 units, an increase of 19.7%; plug-in hybrids sold only 5,000 units, a sharp drop of 38.6%. From January to October, the total sales volume of new energy vehicles in China reached 337,000 vehicles, an increase of 82.2% over the same period of the previous year. It is worth noting that the performance of new energy commercial vehicles sold only 12,000 units in October, a sharp drop of 11.6% year-on-year.

Yao Jie, deputy secretary-general of the China Automobile Association, said: "The sales of new energy vehicles are closely related to the policy. How to develop next year depends on the policy."

In addition, due to the impact of the “half of the vehicle purchase tax for passenger cars with a displacement of 1.6 liters or less”, the sales of passenger cars of 1.6 liters and below were 1.713 million units, an increase of 28.1% over the same period. The overall growth rate of passenger cars was 7.8 percentage points, and passenger cars with 1.6 liters and below accounted for 73.1% of passenger car sales. From January to October, the sales of passenger cars of 1.6 liters and below were 13.748 million, an increase of 22.8% over the same period, accounting for 72% of passenger car sales, an increase of 4.1 percentage points over the same period of the previous year.

The China Automobile Association hopes that the policy of “halving the small-displacement purchase tax” will continue to be stable and steady. Yao Jie said: “From the current sales data of small-displacement vehicles, the uncertainty of the policy has led to early consumption.”

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