China's automobile market shows steady growth last month
Date
11/11/2024 7:48:51 AM
(MENAFN) China's automobile market continued to show steady growth in October, signaling positive trends in the broader Economy as pro-growth policies begin to take effect. According to data released by the China Association of Automobile Manufacturers (CAAM), car sales in October rose by 7 percent compared to the same month last year, reaching 3.05 million units. This growth reflects an overall recovery in the sector, supported by government measures aimed at boosting economic activity.
For the year-to-date period, auto sales in China reached more than 24.6 million units by the end of October, marking a 2.7 percent increase compared to the same period in 2023. Auto production also showed a positive trend, with output rising by 3.6 percent year on year in October to about 3 million units. These figures indicate a continued recovery in both production and sales, highlighting the sector's resilience despite global challenges.
In particular, the new energy vehicle (NEV) sector remained a strong driver of growth within China's automotive industry. The national NEV output surged by 48 percent year on year in October, reaching nearly 1.46 million units, while NEV sales climbed by 49.6 percent to 1.43 million units. This solid growth in the NEV market reflects the country's push to transition to more sustainable transportation options and increase its dominance in the global electric vehicle market.
Additionally, China's automobile exports continued to grow, with exports hitting 542,000 units in October, up 11.1 percent from the same month in 2023. Total auto exports for the first ten months of the year reached about 4.86 million units, indicating the growing strength of China’s auto industry in the global market. This export performance is seen as a key aspect of China's strategy to become a leading global player in the automotive sector, especially in the rapidly growing electric vehicle segment.
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