China’s passenger car exports increased 68.5% year-on-year in October

China News Service, Beijing, November 9 (Reporter Liu Wenwen) Data released on the 9th by the Passenger Car Market Information Joint Branch of the China Automobile Dealers Association ("Passenger Car Association Branch") showed that passenger car exports increased by 68.5% year-on-year in October.

Data show that in October, the national passenger car market retailed 1.643 million units, a year-on-year decrease of 27.1% and a month-on-month increase of 1.5%. In terms of new energy vehicles, the retail sales of new energy passenger vehicles in October were 1.109 million units, a year-on-year decrease of 13.7%, and a month-on-month increase of 2.3%. The retail penetration rate of new energy vehicles in the overall domestic passenger car market in October reached 67.5%, an increase of 10.5 percentage points from the same period last year, and a month-on-month increase of 0.5 percentage points. Retail sales of fuel vehicles fell 45% year-on-year in October.

The relevant person in charge of the Passenger Car Association said that the structural differentiation of the passenger car market continued to expand in October, with "fuel shrinking at an accelerated pace and new energy sources leading the way with resilience" becoming the main line of the market. High oil prices continued to accelerate the pace of "oil and electricity substitution". The penetration rate of new energy vehicles was supposed to flatten seasonally in autumn, but it continues to break new highs this year. In October, the retail penetration rate of new energy vehicles climbed to 67.5%, a record high.

In terms of exports, 928,000 passenger cars were exported in October, a year-on-year increase of 68.5% and a month-on-month increase of 1%. Among them, 582,000 new energy passenger vehicles were exported, a year-on-year increase of 144.7% and a month-on-month increase of 3.9%, accounting for 62.8% of the total passenger vehicle exports, an increase of 20 percentage points over the same period last year.

According to the above-mentioned person in charge, against the background of pressure on the auto market and year-on-year decline in retail sales in October, the strong performance of exports has become a key variable supporting the sales of auto companies. As the scale advantages of China's new energy vehicles emerge and market demand expands, more and more new energy brand products made in China are going abroad, and their recognition overseas continues to increase.