China’s car sales saw a 16.6% growth in November, the fastest pace since January 2024, as government subsidies for trade-ins fueled consumer demand. The China Passenger Car Association (CPCA) reported on Monday that sales hit 2.45 million units last month, underscoring a strong rebound in the world’s largest auto market.
The electric vehicle (EV) segment continued its dominance, with sales of EVs, plug-in hybrids, and extended-range models surging 50.5% year-on-year. For the fifth consecutive month, battery-powered vehicles outsold gasoline cars, accounting for 51.8% of total sales.
“This growth showcases the shift in consumer preferences toward cleaner energy vehicles,” said a CPCA official. “Subsidised trade-ins are making it easier for families to upgrade to modern, energy-efficient cars.”
From January to November, total car sales climbed 4.4% compared to the same period in 2023. Analysts believe end-of-year incentives and rising demand for EVs will further bolster the market in December.
BYD Co Ltd, Li Auto Inc, and NIO Inc remain among the top beneficiaries of the EV boom. Industry watchers say China’s car market is paving the way for a sustainable future while providing affordable options for consumers.
Read more on Electric car sales surge expected in 2024 but IEA highlights affordability and infrastructure challenges
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