Passenger Vehicle Sales in China Show Strong Growth

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

NEV Sales on the Rise

The sales of NEVs saw a 5.9% increase compared to October and a remarkable 50.5% jump year-on-year. This growth highlights the increasing preference for environmentally friendly vehicles in China's automotive market.

Tesla and BYD: A Mixed Performance

Tesla Inc.'s Chinese business sold 78,856 vehicles in November, a 4.4% decrease from November 2023. Meanwhile, Tesla China's exports dropped 68.3% year-on-year to 5,366 units. On the other hand, BYD Auto Co. Ltd. experienced an 8.1% decline in exports from November 2023, selling 28,141 vehicles.