Shulou(Shulou.com)11/24 Report--

According to CTOnews.com news on November 9, Cui Dongshu, the passenger association, said today that retail sales in the passenger car market reached 2.033 million in October 2023, an increase of 10% year-on-year and 1% month-on-month. Retail sales totaled 17.27 million this year, up 3 per cent from the same period last year.

Cui Dongshu analysis said:

With the help of the "double 11" e-commerce promotion wave, the demand for cars will be released gradually. With the cold weather in winter and the completion of the autumn harvest, the enthusiasm for buying cars in rural areas will gradually release, and the market for new energy vehicles and medium-and low-end fuel vehicles will also gradually heat up. With the promotion of the policy of common prosperity, the scale of travel demand in county and township markets has great potential, promoting the gradual strengthening of the car market at the end of the year.

▲ image source Cui Dongshu official account CTOnews.com learned from the data provided by Cui Dongshu that self-brand retail sales were 1.13 million in October, up 19% from the same period last year and 5% from the previous month. The domestic retail share of independent brands in that month was 55.6%, an increase of 4 percentage points over the same period last year, and the cumulative share of independent brands in 2023 was 51%, an increase of 4.9 percentage points over the same period last year.

In addition, retail sales by mainstream joint venture brands in October were 680000, down 2 per cent from a year earlier and up 1 per cent from a month earlier. In October, the retail share of German brands was 18.1%, down 1.2 percentage points from the same period last year, while the retail share of Japanese brands was 17.7%, down 1.2 percentage points from the same period last year. The retail share of American brands reached 6.1%, down 0.8 percentage points from the same period last year.

In terms of new energy vehicle retail, the penetration rate of new energy vehicles in independent brands was 60.2% in October, 19.4% in luxury cars, and only 6.3% in mainstream joint venture brands.

Referenc

Analysis on the Operation characteristics of passenger car Market in October

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