China's Passenger Vehicle Sales See Significant Growth in November

The China Passenger Car Association (CPCA) reported on Monday that passenger vehicle sales in November reached 2.45 million units, marking a 7.2% increase from the previous month and a 16.6% rise year-on-year. Notably, new energy vehicles (NEVs) accounted for 52.3% of all cars sold.

NEV sales experienced a 5.9% growth compared to October and a substantial 50.5% increase year-on-year. However, Tesla Inc.'s Chinese business saw a 4.4% drop in sales, selling 78,856 vehicles in November. Additionally, Tesla China's exports plummeted 68.3% year-on-year to 5,366 units.

Meanwhile, BYD Auto Co. Ltd. also faced a decline in exports, with a 8.1% drop from November 2023 to 28,141 vehicles.