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Car market maintains its recovery in Nov.

Source: China Securities Journal | Date: Dec. 11

  • Thanks to the lasting effect of the 50% purchase tax cut policy and the rapid growth of SUVs, the car market maintained its recovery momentum in Oct., reporting growth on both month-over-over and year-over-year bases.

  • Specifically, car output reached 2.5442 million units in Nov., up 16.24% compared to Oct. and 17.74% compared to a year ago. Car sales totaled 2.5088 units, up 12.93% compared to the previous month and 19.99% year over year.

  • The Nov. production and sales figures reflect the rapid growth of Chinese passenger car brands as well as the increase in their market share. In Nov., Chinese passenger car brands sold 921,400 cars, up 26.9% year over year, with market share increasing 1.1% to 41.9%.

  • Over recent years, Chinese brands have ramped up the development of SUVs and new energy vehicles, which have, to a certain extent, contributed to their growth in sales and market share.